Come creare un Family Office nel Regno Unito: Una guida completa

Family offices have become increasingly important wealth management structures for ultra-high-net-worth individuals and families in the United Kingdom.

This guide walks you through what a ufficio di famiglia is in the UK, the legal structures and types available, the wealth and cost thresholds, a step-by-step setup process, etc.

Additionally, you’ll also get to overview revenue models and tax-efficiency strategies, key challenges, and why London (alongside cities like Liverpool & Oxford) remains the premier hub.

Questo articolo si rivolge principalmente a chi vive fuori dal Regno Unito.

Se state cercando di investire come espatriati o individui con un alto patrimonio netto, che è ciò in cui sono specializzato, potete inviarmi un'e-mail (hello@adamfayed.com) o un messaggio WhatsApp (+44-7393-450-837).

Questo vale anche per chi è alla ricerca di un secondo parere o di investimenti alternativi.

Alcuni fatti potrebbero cambiare rispetto al momento della stesura del presente documento e nulla di quanto qui scritto rappresenta una consulenza finanziaria, legale, fiscale o di qualsiasi tipo, né una sollecitazione a investire.

Family Office Structure UK

In the United Kingdom, family offices typically adopt one of two legal structures: a limited company or a limited liability partnership. 

Private Limited Company: A distinct legal person; shareholders’ liability is limited to their investment.

Limited Liability Partnership (LLP): Members enjoy limited liability, must file annual accounts, and at least two designated members are responsible for compliance.

Each structure offers distinct advantages and considerations in terms of taxation, liability protection, and governance.

UK family offices can be categorized into several types:

1. Single-Family Offices (SFOs): Dedicated exclusively to managing the wealth and affairs of one family.
2. Uffici multifamiliari (MFO): Serving multiple families, allowing for cost-sharing and economies of scale.
3. Embedded Family Offices: Operating within the existing structure of a family business.

The services provided by UK family offices are comprehensive and tailored to each family’s specific needs.

These often include investment management, pianificazione finanziaria, tax advisory, estate planning, philanthropy, family governance, and administrative support.

Many UK family offices also offer concierge services, managing aspects of their clients’ lifestyles beyond their financial affairs.

When structuring a family office in the UK, it’s essential to consider how the proposed activities interact with the UK’s regulatory framework.

This allows the family office to operate efficiently while avoiding unnecessary business and regulatory risks.

How do family offices make money in the UK?

Family offices in the UK typically employ sophisticated investment strategies to grow and preserve wealth.

These strategies often involve diversification across multiple asset classes, including public and private equity, immobiliare, reddito fisso, e investimenti alternativi.

The revenue models for family offices in the UK vary depending on their structure and the services they provide:

1. Investment Returns: The primary source of income for single-family offices comes from the investment returns generated on the family’s assets.
2. Management Fees: Multi-family offices often charge a management fee, typically ranging from 0.6% to 1% of assets under management (AUM) in mature markets like the UK.
3. Performance Fees: Some family offices may also implement performance-based fee structures for certain investment strategies.
4. Service Fees: Additional fees may be charged for specialized services beyond investment management, such as tax planning, legal services, or lifestyle management.

UK family offices often focus on tax-efficient wealth structuring, taking advantage of the UK’s tax framework while ensuring compliance with all regulations.

This includes utilizing structures such as fiducia, offshore vehicles, and various tax-efficient investment vehicles available under UK law.

How much do you need to set up a family office?

The financial threshold for establishing a family office varies, but it generally requires substantial wealth.

While there’s no universally defined minimum, experts suggest different thresholds:

• Some sources indicate that a family office makes sense for individuals or families with a net worth starting at a minimum of $50 million.
• Others suggest a traditional threshold of at least $250 million in investable assets to benefit fully from economies of scale.

In the UK specifically, the operational costs of running a family office typically range from 0.6% to 1% of the assets under management. 

For example, a family office managing £100 million might incur annual operational costs between £600,000 and £1 million.

The cost efficiency of family offices improves with scale. Larger family offices with billions in assets tend to operate more cost-effectively due to economies of scale.

Secondo benchmarking data from Forbes, family offices with approximately $200 million in AUM operate at an average cost of 0.55% of AUM

On the other hand, those with an estimated $12.5 billion in AUM operate at just 0.17% of their AUM.

Key cost components include:

• Professional staff salaries
• Technology and systems
• Regulatory compliance
• Spazi per uffici e infrastrutture
• External professional services

How to Start a Family Office in the UK

Establishing a family office in the UK involves several crucial steps:

1. Define the purpose and scope: Clearly articulate the objectives, services required, and long-term vision for the family office.

2. Choose the legal structure: Decide between a limited company or a limited liability partnership based on tax, liability, and governance considerations.

3. Regulatory compliance: Determine whether the activities of the family office fall within the UK’s financial services regulatory framework. Many family office activities require approval from the Financial Conduct Authority (FCA) before they can be carried out. If authorization from FCA is needed, then there are three phases:
   • Phase 1: Identify permissions and prepare initial submissions.
   • Phase 2: Draft a detailed business plan, financial projections, and resource plans.
   • Phase 3: Satisfy post-authorization requirements (systems, controls, reporting).

4. Immigration considerations: If bringing in family members or other professionals from abroad, arrange appropriate visas and work permits. This requires early planning, especially in light of post-Brexit immigration changes.
5. Employment structures: Establish appropriate UK visas and contracts that are in line with UK employment law.

6. Pianificazione fiscale: Develop a comprehensive tax strategy that addresses UK taxation of the family office structure and its activities. Also, be on the lookout for any potential use of trusts or offshore vehicles.

7. Technology and systems: Implement robust systems for investment management, reporting, compliance, and administrative functions.

8. Recruit key personnel: Hire qualified professionals to manage the family office, including investment managers, tax specialists, legal advisors, and administrative staff.

As an interim approach, some families opt for an appointed representative model, where the family office relies on the regulatory permissions of an authorized firm.

While this allows for quicker startup, it has limitations on autonomy and can be costly.

What are the disadvantages of a family office in the UK?

Despite the benefits, establishing a family office in the UK comes with several challenges:

1. High costs: The operational expenses of running a family office in the UK are significant, making it economically viable only for those with substantial wealth. The costs include salaries for skilled professionals, regulatory compliance, technology, and infrastructure.

2. Regulatory burden: UK family offices often engage in regulated activities that require FCA authorization, which involves a complex application process and ongoing compliance obligations.

3. Recruitment challenges: Finding and retaining qualified professionals who understand both gestione patrimoniale and the specific needs of the family can be difficult.

4. Governance complexities: Family dynamics can complicate decision-making processes, especially as the family expands across generations.

5. Privacy concerns: Despite the UK’s robust legal system, the increasing global focus on transparency in financial affairs may challenge the privacy traditionally sought by family offices.

6. Tax complexities: While the UK offers tax planning opportunities, its tax system is complex and constantly evolving, requiring specialized expertise to navigate effectively.

7. Brexit implications: The UK’s exit from the European Union has introduced additional considerations for family offices, particularly those with cross-border activities or family members.

Which is the best place for a family office in the UK?

While the UK itself is a country, within the UK, London remains the predominant hub for family offices, with nine of the top ten family offices in the UK being located there. 

London offers unparalleled access to financial markets, professional services, and a diverse talent pool.

Other UK cities like Liverpool (home to Grosvenor Estate, the largest family office in the UK with $67.3 billion AUM) and Oxford also host significant family offices.

The UK as a whole offers several advantages for family offices compared to other global jurisdictions:

1. Established financial center: London’s position as a global financial hub provides access to sophisticated investment opportunities and specialized professionals.
2. Robust legal system: The UK’s legal framework offers stability and protection for family wealth.
3. Cultural and lifestyle factors: The UK offers excellent educational institutions, cultural attractions, and quality of life, which are important considerations for many wealthy families.
4. Time zone advantage: London’s position allows for business hours that overlap with Asia and the Americas, facilitating global investment management.

Jurisdictions like Switzerland, Singapore, and Dubai compete with the UK for family office establishment.

However, the UK continues to be a leading choice due to its unique combination of financial expertise, legal stability, and cultural appeal.

Conclusione

Establishing a family office in the UK represents a significant step in sophisticated wealth management for ultra-high-net-worth families.

The minimum recommended wealth threshold starts from $50 million in the UK.

Additionally, a family office provides comprehensive, tailored services that go beyond traditional wealth management to address the complex needs of wealthy families.

The UK offers a favorable environment for family offices; however, prospective family office founders must carefully consider:

• Substantial costs
• Regulatory requirements
• Operational complexities

While challenges exist, a well-structured family office can provide substantial benefits for wealth preservation, growth, and intergenerational transfer.

The family office landscape continues to evolve in the UK.

Therefore, those considering this path should seek expert advice on legal, tax, regulatory, and operational aspects to ensure their family office is optimally structured to meet their specific needs and objectives.

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Adam è un autore riconosciuto a livello internazionale in materia finanziaria con oltre 830 milioni di visualizzazioni di risposte su Quora, un libro molto venduto su Amazon e un contributo su Forbes.