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Economy

New Democracy Wants Super-Wealthy’s Family Offices in Greece

Adding to plans to get pensioners and investors to move to Greece and set up shop, the New Democracy government now is set to offer incentives for the big bucks crowd to have family offices in the country.

Those are private companies that handle a family's wealth management and can handle hundreds of millions, even billions, in assets as the super-rich don't bank like everyone else and try to keep a low profile and hide their money.

International practice says that to have a family office, a family must be worth at least a $100 million, although some say $30 million is enough have needs that go beyond an account, and need an office.

In a report, Kathimerini said that while Greek laws do not account for family offices the pro-business Conservatives, who count many rich among them, are putting together a plan for them to relocate to Greece but insuring their operations are open to scrutiny, which could be a deal breaker.

Officials not identified told the paper that the law governing shipping companies could provide a blueprint for family offices which want to deduct expenses which the Finance Ministry reportedly said is preferable to shifting all their wealth to offshore companies. 

The thinking is taxes on the operations would bring in much-needed revenues and related business that would help an economy brought down hard by the COVID-19 pandemic.

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