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A family office is a private wealth management firm that provides comprehensive financial services to a wealthy family or a single high-net-worth individual.These services typically include investment management, estate planning, tax optimization, philanthropic advising, and more. Family offices are tailored to the specific needs and goals of the family or individual, offering personalized financial solutions to help preserve and grow their wealth across generations. They can be single-family offices, serving one wealthy family exclusively, or multi-family offices, serving multiple families with similar financial needs.
A family office typically employs staff to manage various aspects of the family’s financial affairs and personal matters. The size and composition of the staff can vary widely depending on the complexity of the family’s financial situation and their specific needs. Some common positions within a family office may include investment professionals, accountants and tax specialists, estate and wealth planners, and personal assistants. The roles and staff composition can vary significantly based on the family’s priorities and resources.
A family office typically holds and manages assets for the wealthy family or individual it serves. These assets can include various investments and holdings, such as financial investments, real estate, and business interests.
Thailand has specific restrictions on foreigners operating family offices in the country, most notably under the Foreign Business Act, B.E. 2542. For this reason, Thailand is usually not considered one of the favored locations for family offices in the international context.
However, family offices are certainly common in Thailand for wealthy Thai families and families with multiple nationalities among the family members.
Feel free to contact us if you have questions about establishing a family office in Thailand at info@franklegaltax.com