A Family Office is set up as an asset with its own legal entity, i.e. as if it were a private company.
The Family Office pursues three objectives: preservation, expansion and succession.
Therefore, one of the key points of the Family Office service is taxation.
For example, if you are obliged to declare the wealth tax, for having more than two non-habitual homes or for having a capital of approximately more than €700,000, the Family Office is for you.
For this reason, Family Office services are contracted by families who, in order to manage their wealth more efficiently, centralise it. Thus, thanks to the concentration of wealth, they achieve lower tax payments and thus the possibility of expansion in other areas and, in addition, thanks to its unitary treatment, as a single block of assets, the generational transfer is achieved harmoniously and smoothly.
How do you set up a family office in Spain?
In order to set up a family office you need to surround yourself with the best professional team.
If your objective is to guarantee future growth, it is necessary to study the case in order to know whether it is advisable to create a family office or a multidisciplinary consultancy in other areas, for example, a family office in finance.
There are two main issues: financial matters and, on the other hand, legal and tax matters.
If your wealth is large enough to create a single-family office, you can turn to specialised advisory firms that will help you create the foundations and structure to manage your family fortune.
In Spain, setting up a family office requires experts in fiscal, financial, tax and economic matters. It is therefore highly advisable to hire the services of these professionals who, after studying the family’s circumstances, will design the most appropriate formula in order to optimise profits and take the company to another level.
How much do the services of a Family Officer cost?
The price of the services of a Family Officer varies greatly, depending on the type of Family Officer chosen and what is desired: conservation, expansion, succession planning…
It also depends on whether it is a single family office or a multi-service office and what services are needed from the Family Office.
In any case, the price will not be the cost of the individual professionals, because as it is a concentration of services to be offered, it is most likely to be offered as a whole, whose cost will be unified and, being a recurring service, lower than in circumstances of individual and separate services.
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