A new amendment included in the draft legislation on the National Customs Code, currently being advanced by the Ministry of National Economy and Finance, introduces significant changes to the country’s tax code. These reforms update the legal framework for so-called “family offices,” or special purpose entities established to oversee family assets and investments.
Under the new rules, Greece is lifting the requirement that founders or beneficiaries of a family office must be tax residents of the country. This means that Greek nationals living abroad—in cities like Geneva, Dubai, or London—will now be able to set up a family office in Greece, even if they no longer reside there. These offices can be used not only to manage personal and family wealth but also to coordinate investment strategies or philanthropic activities across borders.
Another key change significantly lowers the minimum operational spending requirement for such entities. Previously set at €1 million annually, the threshold has been reduced to €250,000. This shift makes the family office model more accessible to smaller families and investors who may not control vast portfolios but still wish to manage their wealth in a professional and centralized way. For instance, a family with property holdings, stock investments, and business interests spread across multiple jurisdictions could now base their financial operations in Greece, hiring local staff and working with lawyers, advisors, and asset managers.
Family offices established under this framework can manage both directly held assets—such as real estate or bank accounts—and assets held through companies, trusts, or other legal structures. In addition to wealth management, they may handle routine family expenses or offer more advanced services, such as advising trustees responsible for family trusts. The legal definition of “family” has also been broadened to include not only spouses and children, but also parents, siblings, grandchildren, and even in-laws, allowing for broader use among extended families.
To qualify as a family office under Greek law, a company must employ at least five people in Greece within the first year of its establishment and must spend a minimum of €250,000 annually on operational expenses. These costs can include salaries, office rent, and professional fees.
Greece is also offering a simplified taxation method for these entities. Their taxable income is not based on actual revenue but is instead calculated as their annual operating expenses plus a fixed 7% profit margin. For example, if a family office has expenses totaling €300,000, the tax authorities will assume a taxable income of €321,000, which is then taxed at the standard corporate rate.
To ease concerns among international investors, the law makes clear that the presence of a family office in Greece does not automatically shift the tax residency of related foreign entities. For example, if a Greek family office provides services to a company based in Luxembourg that is owned by the same family, this alone will not be seen as transferring that company’s effective management—or its tax obligations—to Greece.
