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New legal framework provides incentives for the establishment of Family Offices in Greece

Recently, the Law 4778/2021 introduced a new legal framework, which provides incentives for the establishment of special purpose companies for the management of family property (Family Offices) in Greece.

In short, Family Offices are legal entities that manage family property and serve high-net-worth investors.
They are different from traditional wealth management offices because they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family. For example, many family offices offer budgeting, insurance, charitable giving, family-owned business, wealth transfer, and tax services.
According to Campden Research, “The total estimated assets under management of family offices stands at $5.9 trillion, while the wealth of the families behind them totals a vast $9.4 trillion.”

According to the recently voted Law, the Family Offices in Greece must employ a staff of at least 5 people within 12 months from their establishment and onwards, while in Greece they must incur operating expenses of at least 1,000,000 euros per year.

The gross income of Family Offices will be determined using the cost method (including all types of expenses and depreciation, except income tax) plus a profit margin of 7%, while the tax is calculated at the current rate.

The recent years Greece offers several incentives to attract foreign tax residents, such as:

– “Non- dom” scheme introduced in 2019, for investors who make significant investments in Greece and choose to move their tax residence in the country.

– favorable tax regime for pensioners that transfer their tax residence in Greece (introduced in 2020).

– tax incentives to attract in Greece foreign workers and self-employed, as well as Greeks who left the country during the financial crisis.

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