The event was last hosted in Falmouth in 1998

Up to 30 vessels are due to take part in the Funchal 500 Regatta from Falmouth to Madeira.

The Falmouth programme of events will include day sailings and onboard visits, live music, a town parade, children's entertainment and markets.

It is expected to attract about 30,000 visitors. Carrick District Council is contributing �30,000 towards the race.

This year's race is budgeted to cost �250,000 and is organised by the International Sailing Association.

John Hick, from the organising team, said it could bring �6m to Cornwall's economy.

He said: "I know we have lots of lovely yachts and racing but there isn't nothing like a square rigger."