Νew law 4778/2021 introduces the possibility of managing family assets of individuals with tax residence in Greece. Family offices take up a legal form of one of the legal types of entities acknowledged within the Greek Income Tax Code (such as Societe Anonyme, Private Capital Company, Limited Liability Company etc.) other than non profit organizations. The above mentioned possibilities make them very flexible and adaptable to each investor’s goal.
Family offices have to be established by natural persons with tax residence in Greece. The same condition must be met for their family members. In addition, the above offices should incur annual expenditure of at least Euro 1,000,000 and employ at least 5 employees within 12 months as of their establishment and on an ongoing basis.
Exclusive objective of family offices may be to provide support to natural persons and their family members in the administration and management of their assets and investments, which they own either directly or indirectly, i.e. through legal persons or legal entities, regardless of the country in which the assets are located.
Αt the same time, tax incentives are provided for those who choose to set up a family office in Greece, which makes them not only flexible but also attractive to more investors. The gross income from the services provided by the offices, is defined by adding a percentage of profit to the total of all their expenses and depreciation, excluding income tax. The profit rate is set at seven percent (7%) and the income tax is calculated with the income tax rate of legal entities (24%).
Our law firm provides legal advice on the process of setting up a family office and its ongoing operation.
