Greece is preparing new measures to attract family offices offering dedicated wealth management services to ultra-rich clients, as it seeks to overhaul its image as an investment destination, two senior government officials said, according to Reuters.
The center-right government’s reform plans were disrupted by the Covid-19 pandemic last year, but Prime Minister Kyriakos Mitsotakis has announced steps including special tax breaks to attract foreign investors and lure highly qualified Greek expatriates back home.
The latest move would allow family offices to deduct staff costs and operating expenses from tax, targeting both Greece’s own business dynasties as well as rich non-Greek families, a senior official said.
The drive to reposition Greece as an investor-friendly destination follows a decade-long financial crisis that cut the country’s economy by a quarter and fueled regular street protests against its international creditors.
Family offices offering dedicated services to ultra-rich clients including investment, charitable giving, tax, and wealth transfer have mushroomed in the years since the 2008 global financial crisis.
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