DA-Tax
What is Family Office?
This article is for general information only. You should not act or refrain from acting in reliance of it. You should always obtain professional advice on the facts of your particular case. Nothing in this article constitutes financial advice. The owner of this site accepts no liability.
Family Offices are common in Monaco and other jurisdictions with very high net worth residents. They are made up of members of the family and professional advisers and managers who may be part time.
The primary purpose is to manage the family's investments. Usually the Family Office does not take investment decisions directly but appoints investment advisers often linked to private banks. The Family Office reviews the performance of the investment advisers. If the investment advisers start to fail in achieving benchmark returns the Family Office should replace them. The family members have right to be kept informed.
Family Offices are flexible vehicles and can also be used to provide broader practical services to the family such as arranging education for children, travel etc.
Family Offices can be expensive to run and many people use "Multi Family Offices". These are Family Offices which cater for a number of families. You need to be sure about the other families involved. This has the advantage of scale and access to wider experience and services.
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