From “Black Gold” to Homecoming: The Century-Long Madeira–Venezuela Migration Story

This article explores the remarkable historical and demographic ties between Madeira and Venezuela that have shaped both places over the past century. Starting in the early 1900s, thousands of Madeirans left their island in search of opportunity working in oil industry jobs and other professions in Venezuela, forming one of the largest Portuguese diaspora communities abroad. At Venezuela’s mid-20th-century economic peak, Madeiran immigrants and their descendants thrived, particularly in retail, food, and small business sectors. timesofmadeira.com

The 1983 Black Friday currency crash marked the beginning of the end of this prosperity, weakening the Venezuelan economy and, over the following decades, setting the stage for a large and ongoing reverse migration back to Madeira. Political and economic instability under the Chávez and Maduro governments — including nationalization of private businesses and dramatic drops in oil production — accelerated this return. timesofmadeira.com

Meanwhile, Madeira’s own political autonomy gained after 1976 and subsequent modernization made the island better prepared to receive returnees, many of whom now live there permanently as part of the island’s foreign resident community. Today, Venezuelans (often of Portuguese heritage) are the largest group of foreign residents in Madeira, shaping local culture and daily life. timesofmadeira.com+1