New law 4778/2021 introduces the concept of Family Offices in Greece: New Family Offices law, establishes the possibility of managing the cash flows and family property of natural persons with tax residence in Greece by special purpose companies. It also regulates their business purpose, the nature of their services and details for their operation as well as various tax matters.

The objective of the new law: Based on the new law, the wealth and family assets of individuals who are tax residents of Greece may be managed by family offices which takes up a legal form of one of the legal types of entities acknowledged within the Greek Income Tax Code. These family offices will have as their exclusive objective the provision of support to Greek tax resident individuals and to their close family members with regard to the administration of their assets and investments that they hold either directly or indirectly through legal persons or legal entities. The close family members, as well as legal persons and entities where these Greek tax resident individuals and/ or their family members participate, may participate in the family office but not as an employee. 

Operation: The above entities may employee personnel or assign to third parties the provision of the respective services regardless of the country of establishment of such service providers

The Family Office company must employ at least five people in Greece within the first 12 months of its establishment.

Its operating expenses in Greece must be at least 1,000,000 euros.

A 7% profit margin will be added to the gross income of the company that will only be collected through bank transfers.

Calculation of the taxable income: For the determination of the taxable income of the offices, the expenses are deducted from their gross income, provided that they are evidenced by supporting documentation in accordance with the provisions of Law 4308/2014. If for any reason the company’s revenue, as shown in their accounting books, is higher than the revenue, the revenue shown in the accounting books is taken into account. The income tax of the above offices is calculated with the income tax rate of legal entities (24%). The above family offices are required to withhold income tax for payments they effect as per the general rules.

VAT : Internal services, provided between the family office and the individuals who participate therein, are outside the scope of Greek VAT. For further information click here to see the law.


The terms and conditions for the characterization of a tax entity – person as “Angel Investor” in a startup business or businesses have been published by the Government.

The publication defines the following:

-Startup Business

Any S.A or Ltd that is based in Greece and is registered in the National Startup Registry “Elevate Greece” during the time of cash inflow.

-Angel Investor

Any tax paying individual, Greek tax resident, Greek Tax ID holder, that will contribute capital to startup businesses for their development, in accordance to the terms an provisions of this Regulation.

-Capital contribution

The injection of capital from the investment angel, that is done solely through a bank transfer.

-Right for income tax reduction:

An amount equal to 50% of the capital contribution to the startup business/es will be deducted from the declared taxable income for the year within the contribution was made.

Limits on investment funds and ways of contribution

The Investment Angel is eligible to a tax deduction on his/her taxable income for capital contributions made to up to three different startups with a total contribution of up to 300000€.  The maximum contribution per startup is limited to 100.000€

The capital contribution to the startup is done either through a share increase or through share capital by issuing new or corporate shares.

All payments of the capital contribution must be done by bank transfer from the Investment Angels account in Greece or abroad to the corporate account of the startup. The bank account of the startup must be in a Greek banking institution proven by the relevant bank documentation

Proof of the capital contribution must be declared by the startup in the electronic platform of “Elevate Greece”

Tax deduction procedure

The deduction from the taxable income of the Investment Angel is done with the indication of the capital contributed in the relevant section of the income tax form for the year the contribution was made

Imposed fines

If it is proven, following an audit, that the capital contribution was done with the sole purpose of the tax deduction and not the development of the startup then a fine will be imposed to the Investment Angel.  The amount of the fine will be equal to the benefit the Investment Angel sought to obtain from the capital contribution.Read the article here

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