Madeira island news and views.
Blooms are everywhere at the Palheiro Gardens…something that’s not been missed by Jet Away magazine, the inflight magazine of Jet2.com. The island’s reputation as a “floating garden” is highlighted in a small article, along with the annual flower festival and Palheiro’s impressive gardens. The piece suggests that “property buyers should also be celebrating as Madeira continues to be tipped as a great investment opportunity.” We have to agree…
Our Big Game season began in earnest in the last week of May when the first big eye tuna and Atlantic blue marlin showed up on the Madeira fishing grounds. The first week of June saw some good-sized blues popping up, with the fleet reporting at least three fish estimated at 800 lbs or better. At the moment we are seeing a mix of smaller fish in the 250 to 300 lb class alongside the large blue marlin that Madeira is known for. Some other gamefish are also being encountered. The last few days have seen the occasional blind strike from large bigeye tuna and there have been some nice dorado lurking around along with a scattering of small billfish. On the 10th June, in addition to a blue marlin release, Captain Anibal and Nick Bayntun found a longbill spearfish that weighed in at 31 kgs. This fish comfortably beats the European record for 80 lb line class.
At press time conditions look to be settling into our normal summer trade wind pattern after a little spell of wind from the W/NW. Ocean temperatures are close to perfect. With abundant bait on the grounds, along with other ocean life such as turtles, dolphins and Corey shearwaters, we hope that our summer big game season will continue in the same vein as what has been a pretty good start. Visit Madeira Marlin here!
Article by Tara Loader Wilkinson – www.wealth-bulletin.com
Madeira, the Portuguese island best known for its rich flora and fauna and as the birthplace of world footballer of the year, Cristiano Ronaldo, may soon be making a name for itself as a tax haven.
Entrepreneurs in the UK who are threatening to quit the country as a result of the latest tax changes targeting wealthy business owners are considering Madeira as a destination, alongside more predictable off shore centres such as Switzerland and the Channel Islands.
As well as a balmy climate, the island boasts an attractive 3% corporation tax and a double tax treaty between Portugal and the UK. Trevor Nicholson, a director at HSBC private bank, says: “The impracticality of moving countries is not justifiable for many of the UK’s wealthy. Instead, we’re getting a growing number of queries about the possibility of basing a small part of the business in Maderia, where there is no tax on dividends and personal and corporation tax is low.”
Madeira’s regime applies to new companies licensed and established in its International Business Centre to 2020. Companies also get exemption from withholding taxes on the distribution of dividends, royalties and interest payments.
Nicholson says owners of hedge funds and property companies are particularly interested in Madeira’s tax benefits.