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As global wealth continues to expand across generations, the demand for tailored and discreet management solutions has accelerated. Family Offices, once exclusive to legacy dynasties in London, Geneva, and New York, are now finding fertile ground in Southern Europe as well. Greece and Cyprus have both taken strategic legislative steps to attract ultra-high-net-worth families seeking a sophisticated, yet flexible, base for their financial and succession planning.
A Modern Approach to Legacy Management
Family Offices could be considered as integrated management hubs that oversee every aspect of a family's wealth. That includes but is not limited to portfolio strategy and tax planning to philanthropy, governance, and generational succession. The model offers confidentiality, control, and long-term value creation, while ensuring that financial decisions align with the family's ethos and objectives.
In Europe, Family Offices seem to be on a spike. According to global studies, their number has more than doubled in the past decade, managing trillions in assets and increasingly shifting focus toward emerging jurisdictions with competitive tax frameworks and lifestyle advantages.
Greece: A Reformed Framework for the Wealth Elite
Greece officially introduced Family Offices through Law 4778/2021, establishing the concept of Special Purpose Family Asset Management Companies (ΕΕΣΔΟΠ). These entities are designed to manage the wealth, investments, and personal affairs of individuals with tax residency in Greece.
Under the "cost-plus 7%" regime, taxable income is determined based on operational expenses plus a fixed 7% margin, with no VAT implications, a structure that provides transparency and predictability. The law also requires a minimum of five employees within the first year and annual operational expenses of at least €1 million (expected to be reduced to €250,000 under upcoming reforms).
A proposed legislative update, currently under public consultation aims to make Greece even more competitive. The revisions will:
- Extend eligibility to non-resident individuals, including Greek expatriates and foreign families.
- Reduce the minimum operating cost threshold to €250,000.
- Expand the scope of services to include advisory support to trustees and international wealth structures.
With these changes, Greece could position itself on the top of the list with the most attractive jurisdictions for Family Offices.
Cyprus: A Trusted Hub for Global Wealth
Cyprus has long been recognized as a top-tier jurisdiction for wealth management and family governance, owing to its common law system, 12.5% corporate tax rate, no inheritance or succession taxes, and extensive network of double tax treaties. Family Offices in Cyprus often take one of three forms:
- Single-Family Office (SFO) – serving one family exclusively, ensuring full confidentiality and control.
- Multi-Family Office (MFO) – pooling resources for several families, offering professionalized structures and cost efficiency.
- Virtual Family Office (VFO) – leveraging digital platforms and external experts for agile, tech-enabled wealth management.
A key feature of the Cypriot framework is the ability to integrate trusts, foundations, and investment funds within the Family Office structure. The Cyprus International Trust (CIT) remains a cornerstone tool for asset protection and intergenerational planning, offering strong confidentiality and flexibility. For non-resident beneficiaries, income from sources outside Cyprus is exempt from local taxation, adding another layer of efficiency.
EU member, coupled with its strategic location between Europe, the Middle East, and Africa, continues to attract wealthy families seeking both security and access to international investment opportunities.
Greece or Cyprus: The Strategic Choice
Both jurisdictions offer compelling benefits yet seem to serve slightly different priorities.
- Greece appeals to families wishing to establish a tangible European base, often tied to lifestyle, legacy assets, and physical presence.
- Cyprus attracts internationally mobile families prioritizing tax efficiency, legal certainty, and cross-border structuring.
What unites them is a shared commitment to modernization and compliance, with both frameworks now converging toward international best practices.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
