As promised gimil, I've had a good look over the map and for the most part I like what I see. There are some things that grab my attention though.
I would consider adding another sea connection between Azores and Braga Sul to open up the board a bit more. If that was done, perhaps the bonus for the islands could be bumped up to four since the islands seem like the quickest way around the board and would be hard to hold. That's just my take on it though and I'm hardly a gameplay expert.
The sea connections themselves could probably use work, they're a bit bland at the moment, so see if you can in anyway make them a bit more interesting or at least more pleasing to the eye. In fact, while the map looks good in theory, it just doesn't seem to have that undefinable something that makes it look great. Your colour choice is fine and the textures are pleasing, I'm just not sure what it is.
As was mentioned earlier, you might want to look into a different sea texture. The one you have is nice enough, it's just the perspective thing that makes it look a bit off. Another little thing that might improve the look of the map is to reduce the thickness of your lines around the map. You've got these nice soft gentle colours and then it looks like someone traced around the edges with a thick permanent marker. So perhaps some more delicate lines and I agree about making the islands with black outlines. The coloured territory lines could probably be made a bit darker, especially if you reduce the thickness of them as well.
The title and legend are ok, but again they seem to be missing something. I'm not sure how you can fix this though. My last little issue is the font, again it's that uninspired bland look. It's functional, it's just not overly nice to look at. I realise you're restricted because of size, but it's an area to consider for improvement. Play around with some effects and you might just suprise yourself.
Keep up the good work gimil.