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Key Facts
- Greece launched its family office regime in 2021 under Article 71H of the Income Tax Code. Law 5222/2025 cut the minimum annual expenditure from €1 million to €500,000.
- A June 2025 Draft Bill proposes a further reduction to €250,000 and broader eligibility for non-Greek tax residents.
- The regime favors single family office (SFO) structures. Multi-family offices (MFOs) like Iolcus and Callamus now serve growing numbers of ultra-high-net-worth (UHNW) clients.
- Athens serves as the primary hub. Greece competes with Singapore, Dubai, Switzerland, and Cyprus for international wealth structuring.
- All Greek family offices operate on a cost-plus model that applies a mandatory 7% profit margin to annual expenses.
- 2025 reforms introduced place of effective management (PoEM) shielding. This protects foreign entities from Greek tax residency classification.
- Shipping dynasties, diaspora capital from London and Geneva, and media venture families form the core wealth sources behind Greek family office growth.
Family Offices in Greece: Landscape Overview
Greece ranks among Europe's newest entrants in the global competition for family office capital. Article 71H of the Income Tax Code created a dedicated tax framework in 2021. It allows UHNW families to form special purpose entities for wealth management under a cost-plus taxation model. The regime imposes a 7% profit margin on all operating expenses and requires at least five employees within 12 months of setup.
The market tilts heavily toward SFO structures, which Greek ministry officials selected as the model best suited to the country's economic scale. Shipping families with multi-billion-dollar portfolios, media dynasties like the Kyriakou family behind Antenna Group, and real estate developers such as the Andriopoulos family (Dimand SA) anchor the SFO segment. On the MFO side, firms like Iolcus Investment Services, Assetwise, and Callamus provide external chief investment officer services and cross-border advisory.
Two legislative shifts in 2025 mark an inflection point. Law 5222/2025 halved the minimum annual expenditure to €500,000 and added trust advisory to the list of permitted services. A Draft Bill from June 2025 proposes cutting the threshold again to €250,000 while opening the regime to non-Greek tax residents.
These changes pair with Greece's non-dom flat tax of €100,000 on foreign income and the golden visa program. Together, they position the country as an EU-based alternative to Singapore, Dubai, and Luxembourg for cross-border wealth structuring.
Family Office Comparison at a Glance
Most Greek family offices do not publish assets under management (AUM) figures. The table below focuses on verifiable allocation priorities and service scope rather than estimated asset sizes.
| Family Office | Type | Investment Focus | Key Services | Location |
|---|---|---|---|---|
| Latsco Family Office | SFO | Shipping, energy, infrastructure, real estate, fintech | Strategic investment management | Geneva (Greek investments) |
| Kyriakou Family Office (K Group) | SFO | Shipping, media, tech ventures, real estate | Broad portfolio management | London (Greek-origin) |
| Dimand SA | SFO | Urban regeneration, sustainable real estate | Property development, LEED Gold offices | Athens |
| Antenna Digital Ventures | SFO | Media, technology ventures | Early-stage tech investing, media operations | Athens |
| Iolcus Investment Services | MFO | Portfolio management, external CIO | Asset allocation, manager selection, succession planning | Greece |
| Assetwise | MFO | Discretionary and advisory portfolio management | Portfolio management, fiduciary services | Greece |
| Callamus | MFO | Cross-border wealth planning | SFO setup, estate planning, Golden Visa, tax advisory | Athens, London, Nicosia |
| Nanopoulos & Partners | MFO | Closed-end family wealth advisory | Corporate, financial, legal, and tax advisory | Athens |
| Santorini Invest | SFO | Luxury vacation properties | Real estate development, off-market property deals | Athens |
| Geneval Capital Partners | MFO | Financial advisory, asset management | Family office setup and management | Athens |
| Hellenic Asset Management | MFO | Investment management | Portfolio advisory for HNW families | Athens |
| Privel Partners | MFO | Family office consulting | Administrative support, personal life services | Athens |
SFOs dominate the high-profile end of the market, led by shipping and industrial families with global portfolios. MFOs fill a critical gap for families that need professional wealth management but cannot justify the €500,000 minimum expenditure on a standalone basis.
Top Picks by Strategy
- Largest Deal Volume: Dimand SA, ranked by PwC as the biggest family office deal maker globally, completed 574 deals in a single year with a gross development value of roughly €497.6 million.
- Top Shipping-to-Infrastructure Play: Latsco Family Office holds a 7.6% stake in GEK TERNA, 10% in the Attiki Odos tollway, and is a cornerstone investor in Dimand SA and Trade Estates REIC.
- Most Globally Diversified: Kyriakou Family Office (K Group) made early pre-IPO bets on Facebook, Twitter, and Spotify, then launched a $1 billion fund with Qatar Investment Authority for Greek capital deployment.
- Leading MFO Platform: Iolcus Investment Services operates as an external chief investment officer, offering strategic asset allocation, manager selection, and consolidated reporting with fiduciary management.
- Strongest Cross-Border Advisory: Callamus runs a multi-jurisdictional MFO from Athens, London, and Nicosia. It specializes in SFO setup, estate planning, and Golden Visa services.
- Niche Real Estate Specialist: Santorini Invest (Vezakiadis Family) focuses on luxury vacation properties in Greece, Cyprus, and the DACH region, with a strength in off-market deals.
- Closed-Circle Wealth Management: Nanopoulos & Partners limits its client roster deliberately. It combines corporate, financial, legal, and tax skills in a single integrated advisory model.
Top Family Offices in Detail
Latsco Family Office
Latsco is among the most active Greek-linked SFOs in European hard assets, managing the Marianna J. Latsis family's capital. The office holds cornerstone positions in Dimand SA and Trade Estates REIC, a 7.6% stake in construction group GEK TERNA, and 10% of the Attiki Odos tollway connecting Athens to its airport.
Its portfolio spans shipping, energy, real estate, and fintech, including a stake in the Phaistos Investment Fund focused on 5G ventures. Though headquartered in Geneva, Latsco channels major capital into Greek assets. Families seeking a model for turning maritime wealth into long-term direct investments will find Latsco's approach instructive.
Kyriakou Family Office (K Group)
K Group launched a $1 billion fund with Qatar Investment Authority in 2024, targeting Greek assets and making global headlines. This London-based SFO manages the Kyriakou family's holdings in shipping, media (Antenna Group), content, entertainment, and real estate.
Its venture track record includes pre-IPO stakes in Facebook, Twitter, and Spotify. The QIA partnership signals strong confidence in K Group's deal-sourcing ability within Greece. For diaspora families weighing whether to deploy capital back into the Greek market, K Group's model of pairing sovereign co-investment with local expertise offers a template.
Dimand SA
PwC's Global Family Office Deals Study ranked Dimand as the world's most active family office deal maker. It completed 574 transactions in a single year through June 2023. The Andriopoulos family vehicle focuses on sustainable urban regeneration in Athens, developing LEED Gold-certified office buildings, mixed-use complexes, and hotels.
Combined gross development value reaches roughly €497.6 million. Dimand trades on the Athens Stock Exchange, offering unusual public-market transparency for a family-controlled entity. Real estate-focused families evaluating the Greek market should note Dimand's ability to source, develop, and exit at scale.
Antenna Digital Ventures
Antenna Digital Ventures operates at the intersection of traditional media and technology venture capital. The family behind Antenna owns major media groups in Greece and Central and Eastern Europe. This creates a deal flow advantage in content, digital platforms, and media tech.
Early-stage bets on Facebook, Twitter, and Spotify before their IPOs show an appetite for global pre-revenue ventures. The office continues to seek companies with proven customer traction in the UK, US, or Western Europe.
Iolcus Investment Services and Wealth Management
Greece's most visible MFO functions as an external chief investment officer for UHNW families. Iolcus designs strategic and tactical asset allocation, selects and monitors external portfolio managers, and consolidates multi-custodian portfolios into unified reporting.
Its service model includes succession planning and tax optimization. The firm negotiates preferential rates with custodians and fund managers on behalf of clients, passing those savings through. Families that want professional portfolio oversight without hiring a full in-house team can use Iolcus to replicate SFO-level management at lower cost.
Assetwise
Assetwise offers both discretionary portfolio management, where the firm makes decisions within agreed parameters, and advisory management, where the family retains final approval. The dual model serves families at different stages of comfort with delegation. Assetwise also provides fiduciary management for families needing formal governance around their portfolios.
Callamus
Callamus is the Greek market's strongest cross-border MFO, operating from Athens, London, and Nicosia. Its service menu covers SFO setup in Greece under Article 71H, estate and inheritance planning, international tax advisory, Golden Visa help, yacht registration, and company formations.
The tri-city presence lets Callamus coordinate between Greek, UK, and Cypriot regulatory systems. International families relocating under the non-dom regime can use Callamus as a single point of contact for both structuring and lifestyle logistics.
Nanopoulos & Partners
Nanopoulos & Partners caps its client count deliberately, choosing depth over scale. The firm combines corporate advisory, financial planning, legal counsel, and tax strategy under one roof. That integrated approach reduces the coordination burden that families face when juggling separate advisors. Families who value exclusivity and direct partner access will find this model well-suited to their needs.
Investment Trends Shaping the Greek Market
Shipping Wealth Entering New Asset Classes
Greek shipping dynasties are channeling maritime profits into real estate, fintech, and media. Latsco's stakes in GEK TERNA and the Attiki Odos tollway show this pivot clearly. K Group's $1 billion QIA fund targets Greek allocations beyond shipping entirely. This shift creates new co-investment chances for families willing to partner with established maritime capital.
Urban Regeneration and Sustainable Development
Dimand SA's roughly €497.6 million pipeline of LEED Gold projects signals that institutional-quality real estate development has reached Athens. The golden visa program continues to attract foreign UHNW buyers to Greek property. Private wealth offices with real estate allocations increasingly view Athens as an early-cycle opportunity compared to mature European markets.
Cross-Border Structuring After the 2025 Reforms
The Article 71H amendments enabling non-Greek tax residents and PoEM shielding for foreign entities remove two major obstacles. Greece now competes directly with Cyprus, Singapore, and Dubai for cross-border wealth structures. Advisory firms report rising inquiries from families considering Greek SFO establishment under the reformed rules.
Diaspora Capital Returning to Greece
Greek-origin families based in London, Geneva, and other global cities use the reformed regime to bring capital closer to home. K Group's $1 billion QIA fund represents the most visible example of diaspora-linked capital deployment. The non-dom flat tax (€100,000 annually on foreign income) combined with the family office regime creates a strong package for returning wealth.
Technology Venture Appetite
Antenna Digital Ventures' early bets on Facebook, Twitter, and Spotify set a precedent for Greek family office involvement in pre-IPO tech. Growing interest in fintech (visible in Latsco's Phaistos 5G fund stake) suggests that Greek wealth platforms are moving beyond traditional sectors. The Athens startup ecosystem, while still small, benefits from this capital.
How to Evaluate a Family Office in Greece
Start with regulatory compliance under Article 71H. Verify whether the office meets the €500,000 minimum annual expenditure required by Law 5222/2025, or whether it is preparing for the proposed €250,000 threshold under the June 2025 Draft Bill. Confirm the five-employee headcount and check which legal form the office uses. SA, IKE, and LLC structures each carry different family governance and tax implications.
Assess the transfer pricing reality of the 7% cost-plus profit margin. This model, unique to Greece's regime, means the office's taxable income is a fixed markup on expenses rather than a reflection of returns. Families should understand how this affects fee transparency compared to percentage-of-AUM models used by MFOs like Iolcus or Assetwise.
PoEM shielding matters if you hold foreign entities. Without it, services from a Greek family office could trigger Greek tax residency for your offshore structures. The 2025 reforms addressed this, but families should confirm coverage for their specific entity types with qualified Greek tax counsel.
Talent availability remains Greece's biggest weakness. Finding experienced family office professionals locally is harder than in London, Zurich, or Singapore. Evaluate whether an office has depth beyond its founders. Iolcus offers institutional-caliber portfolio management. Callamus brings multi-jurisdictional tax expertise. Smaller offices may rely heavily on one or two principals.
Check which ministerial decisions on permitted services have reached final approval. Some advisory categories under Article 71H still await regulatory clarity. If you need trust advisory, estate planning, or specific consulting services, confirm they already hold authorization for the office you are evaluating.
Which Family Office Fits Your Needs?
UHNW shipping and industrial families with legacy assets in multiple countries should consider SFO structures modeled on Latsco's approach. These combine Greek-based operations with multi-sector exposure in energy, real estate, and hard assets. Families with holdings above $500 million can justify standalone setup costs and benefit from PoEM shielding provisions.
International families relocating to Greece under the non-dom regime need a different kind of partner. Callamus handles SFO setup, Golden Visa processing, and cross-border tax advisory from offices in three cities. Privel Partners adds personal life services, from household staffing to trip planning, that ease relocation logistics.
Next-generation wealth holders inheriting family businesses should explore Iolcus or Assetwise for external CIO services that bring professional oversight without requiring a full in-house team. Business owners seeking concentrated real estate exposure face a clear choice between scales. Dimand SA offers institutional-grade urban regeneration with public-market liquidity through its Athens Stock Exchange listing. Santorini Invest provides hands-on luxury property sourcing in Greece, Cyprus, and the DACH region.
Families wanting a limited-access, fully integrated advisory relationship should speak with Nanopoulos & Partners. Its closed-end model ensures dedicated partner attention for every client.
Methodology
This guide to family offices Greece draws on publicly reported transactions, corporate filings, Greek legislation (Article 71H ITC, Law 5222/2025, and the June 2025 Draft Bill), and industry databases. Offices earned inclusion based on verifiable Greek operations or documented capital activity in Greece. AUM figures appear only where publicly disclosed; most Greek wealth firms do not publish asset data. The profiles reflect information available as of early 2026 and incorporate the 2025 legislative reforms. Readers evaluating specific offices should verify current regulatory status, as some provisions under Article 71H remain subject to pending ministerial decisions.
Frequently Asked Questions
Article 71H of the Income Tax Code, enacted in 2021, governs Greek family offices. It allows UHNW families to form special purpose legal entities for managing wealth and capital. Taxable income uses a cost-plus method with a 7% profit margin on all expenses. Law 5222/2025 reduced the minimum annual expenditure to €500,000. A June 2025 Draft Bill proposes a further cut to €250,000 and opens eligibility to non-Greek tax residents.
The minimum annual operating expenditure stands at €500,000 under Law 5222/2025, down from the original €1 million threshold. The June 2025 Draft Bill proposes reducing this to €250,000. Offices must also employ at least five staff within 12 months. Legal entity formation costs vary by structure: a Société Anonyme (SA) requires higher paid-up capital than a Private Capital Company (IKE). The 22% corporate tax rate applies to the profit margin calculated on expenses.
A single family office serves one family only and is the structure Article 71H was designed for. An MFO like Iolcus or Callamus serves multiple unrelated families, sharing costs while keeping confidentiality barriers between clients. SFOs offer maximum control and privacy but require the full €500,000 expenditure. MFOs let families access professional wealth management, external CIO services, and consolidated reporting without bearing the full overhead alone.
Yes. The 2025 reforms explicitly extended eligibility to non-Greek tax residents. PoEM shielding provisions ensure that foreign entities owned by covered individuals do not gain Greek tax residency simply because the family office provides services from Greece. International families can combine the family office regime with the non-dom tax program (Articles 5A, 5B, and 5C of the Income Tax Code) for a flat €100,000 annual tax on all foreign-sourced income.
Singapore requires S$200,000 in business spending and a team of three. Greece mandates €500,000 and five employees. Dubai offers zero income tax but lacks EU market access. Greece's advantages include EU membership, competitive cost of living, PoEM shielding, and the non-dom regime. Its drawbacks are a thinner talent pool than Singapore or Switzerland, a less mature service provider ecosystem, and some regulatory provisions still pending ministerial approval.
Shipping wealth is moving into real estate and hard assets, with Latsco and K Group leading this transition. Urban regeneration drives major deal volume through Dimand SA's sustainable development pipeline. Cross-border structuring under the reformed Article 71H attracts international families. Diaspora capital flows back to Greece, best shown by K Group's $1 billion fund with Qatar Investment Authority. Technology ventures, building on Antenna's early wins in Facebook, Twitter, and Spotify, represent a growing allocation.
