«Family offices» are wealth management companies of the world’s wealthiest families. Their responsibilities also may include managing expenses incurred to cover their needs, the cost of their general living, and their charitable and cultural activities. Such offices exist everywhere in the world.
With the advancement of technology and continuous developments, family offices have realized that they need to take the next step and proceed with digitizing their processes. According to a related survey, 81% of family offices plan to invest in three or more digital technologies in the next two years. On the other hand, single-family offices have to deal with cyber threats. More specifically, 74% have faced cyber attacks in recent years. How do family offices manage such incidents?
It seems that family offices are not prepared to deal with such incidents effectively. According to official data, 72% do not have the plan to manage such incidents. In comparison, 61% do not have procedures to detect breaches in their information systems, exposing them to future attacks. As for broader risk management, family offices also seem to be unprepared in this area. Only 49% say they are confident they have the procedures in place to identify potential risks.
Based on the above, family offices—organizations that support the purpose, legacy, and ambitions of the most powerful families in the world—will have to redesign how they operate and improve their technology and processes. Another important issue is their focus on non-financial metrics, including environmental, social, and ESG criteria, and impacts on human capital, communities, customers, and all stakeholders.
Now in Greece, too, everything is ready for the activation of family offices after the relevant decision of the Ministry of Finance. Many millionaires who moved their tax residence to Greece appear to be setting up wealth management companies. In Greece, they will be known as Special Purpose Family Property Management Companies. Their sole purpose will be to manage assets and investments owned directly or indirectly, through legal persons or legal entities, by tax residents of Greece and their family members, as well as the management of expenses incurred to cover their needs and the cost of their general living, as well as charitable and cultural activities. Assets and investments can be located in Greece or abroad.
According to the decision of the Ministry of Finance, the management of the cash flows and the family property of natural persons with tax residence in Greece can be carried out by the Special Purpose Family Property Management Company (EESDOP). This can operate with any form of a legal person or entity other than the non-profit legal person form. It is noted that a company may already exist abroad and simply transfer its headquarters to Greece.
Of course, there are specific conditions for the establishment of a family office in Greece, such as that it incurs operating expenses in Greece of at least 1,000,000 euros per year in each tax year and that it employs a staff of at least five people in Greece within twelve months of its establishment and henceforth.
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