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NEWCO is an inward investment services provider specializing in the implementation of foreign investment in Portugal, including Madeira Island, and Malta.

Madeira Island: Perfect Destination for Digital Nomads

Madeira Island: Perfect Destination for Digital Nomads

Remote working is becoming a reality for an increasing number of the population, thanks in part to the COVID-19 pandemic. According to statistics, this new trend can contribute to higher productivity and provide safer and cheaper working arrangement for both the worker and the employer. For digital nomads, remote work is the norm. They don´t have a fixed workplace, instead deciding to travel the world, using technology to work and communicate.

In an effort to create an alternative for these digital nomads, the Madeira Government partnered with StartUp Madeira and digital nomad consultant Gonçalo Hall to launch Digital Nomads Madeira. This unique project, launched this February, aims to establish one of the world’s first “nomad villages” in Ponta do Sol, Madeira. This village can host 100 nomads who must commit to staying between one and six months. It offers travellers a free working space with a desk and chair, access to a Slack community and free internet from 8am to 10pm daily at the John dos Passos Cultural Centre, located in the village centre. This project has partnered with local businesses such as real estate, hotels, and rental car companies for the nomads to use. It will also host fun events for the digital nomads, as well as putting on events and facilitating access to the local community.

Digital Nomads who fall in love with Madeira and wish to become tax residents in Portugal can benefit from a very advantageous tax regime for 10 years. In general terms and depending on the type and origin of the income received in Madeira, under certain conditions this special tax regime may allow for:

  • Exemption on salaries received from foreign companies.
  • Exemption or flat-tax rate of 20% on professional income derived from high-value added activities (e.g.: software developers, authors, journalists and linguists, creative artists, executive managers, commercial directors, IT specialists).
  • Exemption on dividends received from foreign companies.

Famous for its natural beauty, Madeira is one of the safest destinations in the world, and winner of the annual World’s Leading Island destination award since 2015. You can learn more about the advantages and requirements for becoming tax resident in Madeira by clicking here, and about the Digital Nomads Madeira project by visiting their website.

02 Feb 2021