Madiera's Bold Move: Tax Breaks for Cryptocurrency Startups

In a strategic move to strengthen its economy, the government of Madeira is expanding the powers of its free trade zone, providing significant tax advantages to cryptocurrency companies. Companies seeking to establish themselves in the region can benefit from a favorable tax regime, capping the corporate tax rate at a competitive maximum of 5%. Minister Gouveia emphasized that Madeira's International Business Center offers the most significant tax stimulus for such companies.

Madeira is focusing on attracting high-tech startups to boost its economy. Currently, the digital finance sector constitutes approximately 30% of the island's business, a vital support for Madeira, traditionally reliant on international tourism.

This initiative aligns with the vision articulated by Miguel Albuquerque, the President of the regional government of Madeira, who expressed the intention to transform the archipelago into an innovative cryptocurrency hub. The region's leaders are clearly committed to positioning Madeira as a key player in the evolving landscape of the digital economy.