According to yesterday’s Publico newspaper, more than 500 companies have left the Madeira Offshore, representing a loss of one million Euros per year for the Madeira International Business Centre, the private company which runs the concession since 1978, for a period of 30 years.
Madeira has perhaps one of the only offshores run by a private company. Why the Government should have handed over this lucrative business to a private company, and for a lengthy period of thirty years, is a question often asked. The company has very close ties to the Regional Government and to the former PSD vice-president Miguel de Sousa, who is a partner of the owners in other ventures.
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