Investments
Investment management
“Strategy and monitoring of the family’s financial wealth, with asset allocation, selection and consolidated reporting.”
Family office in Spain: structure, regulation and vehicles
We help you design and structure your family office in line with the Spanish regulatory framework: single vs multi family office, when CNMV authorization is required (ESI/EAF), choice of investment vehicles and anti-money laundering (AML) obligations.
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- Investment services law
- Law 6/2023
- Supervisor
- CNMV
- Setup checklist
- 10 steps
Services
How we structure your family office
Six building blocks to design your family office with legal certainty, from the model (single or multi) and the regulatory perimeter to the investment vehicles, anti-money laundering and family governance.
Model
Family office design (single or multi)
We analyze whether your project is better suited to a single family office (one family) or a multi family office (several families) and design its organizational structure.
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SFOMFOStructureGovernance
Perimeter
Do you need authorization? ESI / EAF
We determine whether the activity requires CNMV authorization as an investment firm (typically an EAF) or falls outside the regulatory perimeter.
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ESIEAFCNMV
Vehicles
Investment vehicles
We structure the family office’s investment vehicles: holding company, SICAV and collective investment schemes.
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HoldingSICAVIIC
Private equity
Private equity and co-investment
We advise on investing and co-investing in private equity through private equity entities (ECR) and other vehicles.
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ECRCo-investment
AML
Anti-money laundering obligations
We analyze whether the family office or its vehicles are obliged entities and design their due diligence and beneficial ownership framework.
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AML/CFTBeneficial ownership
Governance
Family governance and compliance
We put in place the family office’s governance (family protocol, family council, board) and its compliance framework.
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ProtocolCompliance
What it covers
What a family office does
Beyond investing, a family office is a professional structure that brings together investment, wealth structuring, family governance and compliance, confidentially and over the long term.
Structure
Wealth structuring
“Holding company, SICAV, collective investment schemes and other vehicles to organize and protect the family’s wealth.”
Governance
Family governance
“Family protocol, family council and board that organize decision-making and the transition between generations.”
Compliance
Regulatory compliance
“Regulatory perimeter (CNMV), anti-money laundering and compliance, depending on the activity the family office carries out.”
Why it matters
Why structure your family office properly?
There is no “family office law”: the regime depends on what the structure does. The key line is whether it provides investment services to third parties, because that brings it within the CNMV authorization perimeter.
SFO or MFO changes everything: managing the wealth of a single family is not the same as advising or managing several, which may trigger the need for authorization.
Services to third parties = reserved activity: providing investment services to third parties is a reserved activity, and doing so without CNMV authorization has consequences.
Family office ≠ asset-holding company: an asset-holding company (sociedad patrimonial) is a vehicle for holding assets; a family office is a broader professional structure.
Single Family Office
One family
Manages the wealth of a single family, on an exclusive and confidential basis.
Multi Family Office
Several families
Serves several families that share team, structure and costs; it usually requires authorization.
CNMV perimeter
ESI / EAF
Providing investment services to third parties requires authorization as an investment firm.
Setting up a family office?
Whether you are setting up a single family office or a multi family office, we help you define the model, fit it within the regulatory perimeter, choose the vehicles and settle anti-money laundering and family governance.
Frequently asked questions
Family office: common questions
What is a family office?
It is a professional structure set up to manage, protect and grow a family’s wealth, bringing together investment, wealth structuring, family governance and compliance, confidentially and over the long term.
Is there a “family office law” in Spain?
No. Spanish law has no specific legal form called a family office; it is set up through different companies and vehicles, and its regime depends on the activity it carries out.
What is the difference between a single and a multi family office?
A single family office (SFO) manages the wealth of a single family. A multi family office (MFO) serves several families that share team, structure and costs.
Does a family office need CNMV authorization?
It depends. Managing the family group’s own wealth does not usually, in itself, amount to providing investment services to third parties. But if the family office advises or manages third parties (several families), it will normally need authorization as an investment firm.
What is an EAF and why does it matter?
A financial advisory firm (EAF) is a type of investment firm authorized by the CNMV. A multi family office that provides advice usually takes this form.
Is it the same as an asset-holding company?
No. An asset-holding company (sociedad patrimonial) is a vehicle for holding and managing assets; a family office is a broader professional structure that may use one, but that brings together investment, governance and compliance.
What vehicles does a family office use?
Usually a holding company and, depending on the strategy, SICAVs, collective investment schemes or private equity entities to channel its investments.
Does it have anti-money laundering obligations?
Depending on their activity, the family office or its vehicles may be obliged entities under AML rules, and in any case they must manage the identification and beneficial ownership of the structure.
People also ask
Governance, minimum wealth and services
What governing bodies does a family office have?
It is usually organized around a family protocol, a family council (where the family sets its wealth vision and rules) and a board that oversees strategy and investments.
At what level of wealth does a single family office make sense?
There is no legal threshold. As a rough guide, the multi family office model is used for smaller fortunes, and the single family office for large fortunes that justify an exclusive, dedicated structure.
Can it manage the family’s portfolios without a license?
Managing the family group’s own wealth does not usually, in itself, amount to an investment service to third parties requiring authorization, but it must be analyzed case by case depending on how it is structured.
What services does a family office provide?
Comprehensive financial and tax planning, asset administration, investment management, consolidated reporting and, often, coordination of legal matters and family governance.
Are a family office and a family business the same thing?
No. The family business is the family’s operating business; the family office is the structure that manages and protects the family’s wealth, which may or may not include the family business.
Can it invest in private equity or co-invest?
Yes. Family offices frequently invest in private equity and co-invest in projects, through private equity entities (ECR) or other vehicles, as part of their wealth strategy.
Models and vehicles
SFO, MFO, asset-holding company and EAF: comparison
Choosing the right model and vehicle shapes the regulatory perimeter and day-to-day operations. We help you decide and structure the option that best suits your family.
What determines the scope of the project
Designing a family office depends on the model (single or multi), the activity it carries out and the investment vehicles it uses.
- Model
- Single or multi family office.
- Perimeter
- Services to the family group itself or to third parties (CNMV).
- Vehicles
- Holding company, SICAV, IIC or private equity.
- Governance
- Family protocol, council and board.
How we approach the project
We start with a wealth assessment, define the model and the regulatory perimeter, and put the vehicles and governance in place.
- Wealth assessment and the family’s objectives.
- Model (SFO/MFO), regulatory perimeter and vehicles.
- Family governance, AML and compliance plan.
| Type | Single Family Office | Multi Family Office | Asset-holding company | EAF |
|---|---|---|---|---|
| What it is | Structure for one family | Structure for several families | Company that holds assets | Investment firm |
| Who it serves | A single family | Several families | Its shareholders | Clients / third parties |
| CNMV authorization? | Generally no (own wealth) | Yes, if it provides services to third parties | No (holds its own assets) | Yes (authorized entity) |
| Typical vehicle | Holding company + vehicles | EAF / securities broker (AV) + vehicles | Commercial company | Investment firm (ESI) registered with the CNMV |
| Focus | Comprehensive management | Advice and management | Holding assets | Investment advice |
Indicative table. The regulatory fit of each structure depends on its specific activity and must be analyzed case by case under securities market regulations.
Practical guide
How to set up a family office in Spain: a practical guide
Setting up a family office is not just a matter of incorporating a company: you need to decide the model, fit it within the regulatory perimeter, choose the investment vehicles and organize family governance and compliance.
Assess and choose the model
The first step is to understand the family’s wealth and objectives and decide between a single or multi family office, with its impact on costs and on the regulatory perimeter.
Structure and perimeter
The vehicles are designed (holding company, SICAV, IIC, private equity) and it is determined whether the activity requires CNMV authorization or falls outside the regulatory perimeter.
Governance and compliance
Family governance (protocol, council, board), anti-money laundering and compliance are put in place, and reporting is launched.
Checklist for setting up a family office in 10 steps
- Assessment: map the family’s wealth, assets and objectives.
- Model: decide between a single or multi family office.
- Perimeter: analyze whether it provides investment services to third parties.
- Authorization: where applicable, arrange the ESI/EAF authorization with the CNMV.
- Vehicles: structure the holding company, SICAV, IIC or private equity.
- Tax: align the structure with tax planning.
- Governance: draft the family protocol and set up the governing bodies.
- AML: assess obliged-entity status and beneficial ownership.
- Compliance: define policies, controls and consolidated reporting.
- Review: revisit the structure when regulations or family circumstances change.
If you are setting up your family office, see our securities market regulation practice area or the financial advisory firm (EAF) license.
The family office in practice
From assessment to family governance
Structuring a family office rests on four pieces: assessing the wealth, choosing the model and vehicles, fitting the regulatory perimeter and organizing governance and compliance. Here is a visual overview of how it works in practice.
1) AssessAssess: wealth and objectives
The starting point is to map the family’s wealth, assets and objectives in order to decide on the model.
- Wealth map
- Objectives
- Single vs multi
2) ChooseChoose: structure and vehicles
The holding company and the investment vehicles that will channel the wealth are designed.
- Holding company
- SICAV / IIC
- Private equity
3) FitFit: regulatory perimeter
It is determined whether the activity requires CNMV authorization as an ESI/EAF or falls outside the perimeter.
- Services to third parties
- ESI / EAF
- CNMV
4) OrganizeOrganize: governance and compliance
The family protocol and governing bodies are put in place, anti-money laundering and compliance are addressed, and the wealth is reported on a consolidated basis.
Tip: separating ownership (family), governance (council/board) and management (team) prevents conflicts and professionalizes the structure.
Quick decisionPractical map: which model?
Only the family’s own wealth
Single family office; usually outside the CNMV perimeter.
Services to several families
Multi family office; usually requires authorization (ESI/EAF).
Asset holding only
Asset-holding company (holding), with no services to third parties.
Family office playbook
Setting up the family office, phase by phase
Assessment
Map the family’s wealth and objectives.
Map of wealth and objectives.
Model
Decide between a single or multi family office.
Decision on model and structure.
Vehicles
Structure the holding company, SICAV, IIC or private equity.
Vehicles incorporated.
Perimeter
Arrange CNMV authorization if it provides services to third parties.
Regulatory perimeter analysis.
Governance
Implement the family protocol, AML and compliance.
Protocol and compliance framework.
Common mistakes in family offices
Spot them before launching the structure.
- Providing investment services to third parties without CNMV authorization.
- Confusing the family office with a mere asset-holding company.
- Failing to analyze obliged-entity status for AML purposes.
- Lacking a family protocol and clear governing bodies.
- Not reviewing the structure in response to regulatory or generational changes.
Operational glossary
Key family office concepts
If you are going to structure a family office, these terms come up when designing the structure and dealing with the CNMV. Understanding them helps you make informed decisions.
Family officeBasics
Family wealth office
A professional structure to manage, protect and grow a family’s wealth over the long term.
No legal form of its own.
SFOModel
Single family office
A family office dedicated exclusively to the wealth of a single family.
Its own, exclusive structure.
MFOModel
Multi family office
A family office that serves several families, which share team, structure and costs.
Usually requires authorization.
EAFESI
Financial advisory firm
A type of investment firm authorized by the CNMV to provide advice.
Common form for an MFO.
ESIPerimeter
Investment firm
An entity authorized by the CNMV to provide investment services (broker-dealer, securities broker, portfolio management company or EAF).
Services to third parties.
Holding companyVehicle
Asset-holding company
A company that holds and manages assets; a common vehicle in the family structure.
Not, on its own, a family office.
ProtocolGovernance
Family protocol
A document that sets out the family’s rules on wealth, succession and governance.
Family council and board.
ServicesKey
Investment services
Advice or management which, when provided to third parties, requires CNMV authorization.
The perimeter boundary.
VehicleInvestment
Investment vehicle
A SICAV, collective investment scheme or private equity entity through which the family invests.
Depending on the strategy.
Contact
Book a call
Tell us about your wealth situation and objectives, and we will help you define the family office model, fit it within the regulatory perimeter and structure the vehicles.
Regulatory framework for family offices in Spain
A family office is not a specific legal form under Spanish law: it is a professional structure for managing and protecting family wealth, set up through different companies and investment vehicles. Its legal regime therefore depends on the specific activity it carries out, and the critical point is whether or not it provides investment services to third parties.
Single and multi family office
A single family office manages the wealth of a single family; a multi family office serves several families that share team, structure and costs. Managing the family group’s own wealth does not usually, in itself, amount to providing investment services to third parties, whereas advising or managing several families normally does fall within the regulatory perimeter.
The CNMV perimeter
In Spain, investment services may be provided by investment firms (broker-dealers, securities brokers, portfolio management companies and financial advisory firms—EAFs), SGIICs and authorized credit institutions. The framework is set by Law 6/2023 on Securities Markets and Investment Services (LMVSI), its implementing regulation (Royal Decree 813/2023) and the MiFID II directive, under CNMV supervision. A multi family office that advises third parties usually needs authorization, typically as an EAF.
Vehicles, anti-money laundering and governance
Family offices channel their investments through vehicles such as the holding company, collective investment schemes (Law 35/2003) or private equity entities (Law 22/2014). Depending on their activity, they may be obliged entities under anti-money laundering rules (Law 10/2010), with the related due diligence and beneficial ownership obligations, and it is advisable to give them sound family governance (family protocol, family council and board).
Securities market services
AML and compliance
Resources and blog
Official sources
Key legislation, linked to the official text:
- Law 6/2023 of March 17 on Securities Markets and Investment ServicesBOE · consolidated text
- Royal Decree 813/2023 of November 8 on the legal regime of investment firms and other entities providing investment servicesBOE · consolidated text
- Law 10/2010 of April 28 on the prevention of money laundering and terrorist financingBOE · consolidated text
Legislation and links reviewed in .