PJ police made the arrests after examining the yacht, named Calma, and finding the stash, which was removed from the boat in around a dozen black bags.
Should they have reached the streets, the 105 vacuum-packed packets of cocaine, which were reportedly inscribed with the word ‘Messi’, would have been worth an estimated €3.5 million.
Madeira PJ coordinator Eduardo Nunes told The Portugal News that the boat, which was sailing under a British ensign, had arrived in Calheta Marina, on the western side of the island from Central America and was most likely destined for Spain.
The yacht was reportedly already on the authorities’ radars before being seized and will remain in the their custody.
The two suspects, a Spaniard and a Uruguayan, both aged 42, are being held on remand pending trial.