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Greece Eases Family Office Regulations, Attracting High-Net-Worth Individuals
Greece's new law 5222/2025 significantly alters Family Office regulations, lowering minimum operating costs to €500,000, expanding permissible activities to include trust advisory services for families, and clarifying tax treatment for foreign-connected companies and employee healthcare expenses.
- How will the reduction in minimum operating expenses for Family Offices in Greece impact foreign investment?
- Greece recently amended its Family Office regulations, lowering the minimum annual operating expenses from €1,000,000 to €500,000 and expanding permitted activities to include advising trusts where family members are involved. This simplifies Family Office establishment and broadens their service offerings.
- What are the implications of expanding the permitted activities of Family Offices to include advising trusts with family member involvement?
- These changes aim to attract high-net-worth individuals and their families to Greece. The reduced operating costs and expanded scope of services make Greece a more competitive jurisdiction for Family Offices, potentially increasing foreign investment and tax revenue.
- What are the potential long-term economic and social consequences of attracting high-net-worth individuals through revised tax regulations and Family Office frameworks?
- The long-term impact may include increased competition among Family Offices in Greece, potentially leading to specialized services and innovative investment strategies. The revised tax benefits for non-domiciled individuals could also contribute to population growth and a diversification of the Greek economy.
Sustainable Development Goals
The reduction in the minimum operational cost for Family Offices from €1,000,000 to €500,000, and the simplification of tax regulations for non-domiciled individuals, promotes inclusivity by making it easier for a wider range of individuals and families to access wealth management services. The elimination of the requirement for creating new job positions for non-domiciled individuals further reduces barriers to entry for foreign investors, promoting economic inclusion and potentially reducing wealth disparities. The expansion of tax exemptions for inherited foreign assets also benefits a broader range of individuals, reducing inequality in inheritance distribution.