With the new bill expected to be enacted in the coming weeks, the government aims to make family offices established in Greece more attractive.
Specifically, according to the amendments introduced:
The scope of the special purpose entities (“SPE”) established in Greece for the management of family assets and investments of the tax resident individual and members of his/her family is broadened and shall also include consulting services to trustees in relation to trusts which as settlor or beneficiaries have any of these persons.
The minimum annual operating expenses of the SPE in Greece are decreased to € 500,000 (from 1,000,000). The taxable profits shall continue to equal 7% of the operating expenses taxed at the standard corporate tax rate of 22%.
Management services provided by such SPEs to foreign companies directly or indirectly belonging to the specific individual or members of his/her family shall not be considered as de facto exercise of the management of such companies nor their decision making from Greece for the purposes of determining their tax residence.