February 8, 2023

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How are the “family offices” that will bring “crisis” to Greece created?

Audit firms and law firms but also Ministry of Finance They receive daily blows from wealthy tax collectors population of GreeceBut also abroad to establish companies that will transfer to him … “package” in Greece.

rich foreign residents Those with a good view of the Greek sun are thinking of emigrating to our country, but are worried about how to do it because of the labyrinthine tax insurance system and the monster of bureaucracy that have prevented many from making such a decision, especially when it comes to whole families.

Names Looking for package solutionswhere one agency or company will be able to manage the entire resettlement needs of the family to which they belong.

These companies are calledfamily offices(Family Offices) that are preparing to operate in our country as well. In particular, family offices manage cases worth hundreds of millions, if not billions, and provide complex services to stakeholders in logistics, accounting, business incorporation, real estate transfers, and targeted capital placements, even when funds can be earmarked for charitable and other purposes. The same offices deal with moving a family from one country to another, purchasing suitable property, and handling all bureaucratic affairs, in order to facilitate the transfer of individuals and especially their assets.

In Greece they are called Special purpose family property management companies (EESDOP), and its sole purpose will be to manage and manage the assets and investments that they own either directly or indirectly, through legal persons or legal entities, and natural persons who They are tax residents in Greece and their family members.

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According to the decision to establish EESDOP:

• The natural person must have a tax residence in Greece or transfer his tax residence to Greece. EESDOP contributors, partners or members can be:

a) Natural family members.

b) Legal persons or legal entities with tax residence in Greece or abroad, in which the majority of natural persons residing in Greece or their family members participate.

• Services that can be provided EESDOP To achieve their purpose, the following are indicative:

a) Services related to the personal and social life of family members, such as public relations services, security escorts, fixed guards, cooks, housekeepers, tutors, tutors and nannies, drivers, technicians, gardeners, cleaning, supply of goods, and administration. Act of charity.

b) Administrative support services, which are secretarial support, management of human resources working on behalf of the natural person and family members, accounting control and payment of expenses of all kinds, management of bank accounts, technical support for the management and maintenance of real estate and the environment of their space and the organization of business trips.

Spending has to come not less than one million euros annually.

c) Financial management services, namely investment management and wealth transfer management.

Dr) Strategic planning services, namely business consulting, strategic estate planning, succession planning, and educational planning.

e) Other advisory services, namely tax advisory services, legal services, engineering services, medical services, compliance advisory and risk management support and cyber security services.

• the EESDOP It must employ in Greece at least five employees within twelve months of its establishment.

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• EESDOP to incur operating costs in Greece of at least €1,000,000 per annum in each financial year. In the event that the first tax year is less than twelve months, in order to verify that this condition is met, the operating expenses incurred shall be reduced to an annual amount.

Operating expenses incurred in Greece are considered All kinds of expenses Implemented by EESDOP.

Its total revenue EESDOP It is determined by adding a profit rate of 7% to all expenses of all kinds including depreciation, excluding income tax, unless the income generated by the books kept is greater than the income calculated according to the above, in which case the income derived from the books. Total EESDOP revenue is compulsorily collected through bank transfers to a recognized bank.

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