Smyth became the oldest winner ever on the European Tour at this venue last year when the Irishman fired a final-round 66 to win by two strokes over John Bickerton. At the time, Smyth was aged 48 years and 34 days, breaking Neil Coles existing record from the 1982 Sanyo Open by 20 days.
Along with Smyth in this edition is a very diversified and international field, including Scotlands Andrew Oldcorn and Australias Wayne Riley. Also in attendance this week will be Henrik Stenson (Sweden), John Bickerton (England), Soren Kjeldsen (Denmark) and Diego Borrego (Spain).
Along with Borrego, fellow Spaniard Seve Ballesteros is set to tee it up.
Ballesteros, 44, is still searching for his first victory since the 1995 Peugeot Open de Espana. That particular win marked his 50th official triumph on the European Tour. He finished tied for 47th last year in Madeira.
This event was first played in 1993, when Mark James won at the Campo de Golf da Madeira. Since, it has been won by the likes of Santiago Luna (95), Jarmo Sandelin (96) and Niclas Fasth (00).