New York

New York, a global financial and cultural epicentre, is ideal for family offices seeking growth. Home to Wall Street, NYSE, and top-tier financial and legal services, it offers sophisticated regulatory structures, diverse investment opportunities, and a highly skilled workforce. Despite high taxes, New York's vibrant culture, global connectivity, and strategic tax planning make it attractive.

Table of Contents


Evaluation Criteria

  • Tax regulations & incentives
  • Legal & regulatory structures
  • Economy & political climate
  • Services & talent access
  • Culture & lifestyle considerations
  • Resources

    Key numbers


    new york
    Updated on June 13, 2024


    The epicentre of finance and culture


    New York is a global financial and cultural hub that offers an unparalleled environment for family offices seeking growth and prosperity. Renowned as the financial capital of the world, New York boasts Wall Street, the NYSE, and a vast array of financial and legal services, making it a magnet for global investors. Besides its financial prowess, New York is also known for its cultural vibrancy and diversity that is unmatched by any other city, providing an ideal blend for family offices looking for both financial opportunities and a high quality of life.


    New York boasts a sophisticated legal and regulatory framework that provides diverse structures for family offices, including LLCs, partnerships, and trusts. This regulatory environment ensures transparency and high standards of governance, which are vital for family offices operating globally. In addition, New York’s highly skilled workforce is diverse, drawn from its position as a global financial and cultural hub. With a strong legal and regulatory framework and a diverse pool of talent, family offices can access top-tier services in wealth management, legal advisory, and investment banking, enabling them to navigate complex global markets with ease.

    Notable: The Greatest City in the World

    New York City’s global connectivity, through its financial institutions and as a hub for international business, provides family offices with unparalleled opportunities for investment and growth. Moreover, New York’s rich cultural scene, educational institutions, and lifestyle amenities make it a desirable location for families and professionals alike.

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    Evaluation categories

    1. Tax regulations & incentives

    New York offers a complex tax environment with specific advantages for certain investments. Despite its relatively high tax rates, New York provides strategic tax planning opportunities, especially in areas like real estate and financial services. The state's fiscal policies are designed to support investment and entrepreneurship, offering various incentives for businesses and individuals involved in the financial sector.

    Family offices operating in New York are typically subject to state and federal income taxes. New York has a progressive income tax system, with rates ranging from 4% to 8.82% for individuals and up to 10.9% for corporations.

    New York imposes a sales tax on certain goods and services. The state’s sales tax rate is 4% at the state level, with additional local taxes that can bring the total rate to 8.875% in some areas.

    Family offices that own real property in New York are subject to property taxes levied by local governments. Property tax rates vary depending on the location and value of the property.

    New York has an estate tax that applies to the transfer of property upon death. The tax rate ranges from 3.06% to 16% on the portion of an estate exceeding $5.93 million.

    Gains from the sale of assets such as stocks, bonds, and real estate are subject to capital gains tax in New York. The tax rate for long-term capital gains (assets held for more than one year) is the same as the income tax rate, while short-term gains are taxed at the regular income tax rates.

    2. Legal & regulatory structures

    New York has a well-established legal system, offering a wide range of structures for family offices, including partnerships, LLCs, and trusts. Its regulatory framework is sophisticated, with a regulatory environment is comprehensive, ensuring a high standard of transparency and governance, which is crucial for family offices operating on a global scale. Family offices in New York are governed by a regulatory framework that includes securities laws, the Investment Advisers Act, and anti-money laundering regulations. They must also adhere to privacy laws and federal and state regulations.

    A private company established to manage the wealth and affairs of a single wealthy family. It provides tailored financial and investment services, including wealth management, tax planning, and philanthropic activities.

    A company that serves multiple wealthy families, pooling their resources to achieve economies of scale. MFOs offer a range of services similar to SFOs but are shared among several families.

    A legal entity that provides limited liability protection to its owners (members) and is a popular choice for family offices due to its flexibility and pass-through taxation.

    A legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts offer asset protection, tax planning, and privacy benefits for family offices.

    A business structure where two or more individuals manage and operate the business in accordance with the terms of a partnership agreement. Limited partnerships (LPs) and limited liability partnerships (LLPs) are common structures for family offices.


    Family offices in New York should carefully consider their regulatory obligations and choose a legal structure that best suits their needs and objectives. Seeking advice from legal and financial professionals familiar with New York’s regulatory environment is recommended to ensure compliance and optimise the family office’s structure and operations.

    3. Economic & political climate

    In New York, family offices operate within a dynamic economic and political climate. New York City, in particular, serves as a global financial hub, offering access to a wide range of financial services and investment opportunities. The state's economy is diverse, with key industries including finance, media, technology, and healthcare. However, New York also faces challenges such as high living costs and income inequality. Politically, New York is known for its progressive policies, particularly in areas such as social welfare, healthcare, and environmental protection. The state's political landscape is shaped by a mix of urban and rural interests, with New York City often dominating the political discourse. Despite its progressive leanings, New York also has a history of fiscal conservatism, particularly in terms of budget management and tax policy. Overall, the economic and political climate in New York presents both opportunities and challenges for family offices operating in the state.

    New York’s political climate is diverse, reflecting the state’s urban and rural divides. The state is known for its progressive policies, particularly in social welfare, healthcare, and environmental protection. New York City often drives the state’s political agenda, with its large population and economic influence. However, upstate New York has different priorities, leading to a mix of political ideologies across the state. Despite its progressive reputation, New York also has a history of fiscal conservatism, especially concerning budget management and tax policies.

    New York City is a global financial hub, home to Wall Street and the New York Stock Exchange. The city’s financial sector is one of the largest and most influential in the world, attracting investors, businesses, and financial professionals from around the globe. The presence of major financial institutions, investment banks, and hedge funds makes New York City a key player in international finance. This status as a financial hub provides family offices in New York with access to a wide range of financial services and investment opportunities.

    Real estate in New York is one of the most dynamic and influential sectors in the state’s economy, particularly in New York City. Iconic skyscrapers like the Empire State Building, One World Trade Center, and Central Park Tower define New York City’s skyline and contribute to its reputation as a global economic centre. The residential market offers diverse housing options, while the commercial sector caters to various businesses, including financial institutions and tech startups. Ongoing development projects, such as Hudson Yards and Brooklyn Navy Yard, showcase the city’s constant evolution. New York’s real estate presents attractive investment opportunities, but challenges like high property prices and regulatory complexities exist.

    4. Services & talent access

    New York boasts an extensive network of services and a highly skilled workforce.  The state is home to leading financial institutions, law firms, and consultancies, offering family offices access to top-tier services in wealth management, legal advisory, and investment banking. This concentration of expertise offers family offices access to top-tier services in wealth management, legal advisory, and investment banking, ensuring that their needs are met with the highest level of professionalism and expertise. Moreover, New York's workforce is known for its diversity and talent, with professionals from around the world flocking to the state to work in its vibrant and dynamic economy. This diverse pool of talent provides family offices with the expertise needed to navigate complex global markets, manage their wealth effectively, and seize opportunities for growth and investment.

    The program offers foreign investors a path to permanent residency in the U.S. by investing at least $1 million in a new commercial enterprise or $800,000 in a targeted employment area. The investment must create or preserve ten full-time jobs for U.S. workers within two years. Successful applicants and their immediate families receive conditional permanent residency for two years. To remove the conditions, investors must file a petition within 90 days before the second anniversary of their residency.

    The L-1A nonimmigrant classification enables a U.S. employer to transfer an executive or manager from one of its affiliated foreign offices to one of its offices in the United States. This classification also enables a foreign company that does not yet have an affiliated U.S. office to send an executive or manager to the United States with the purpose of establishing one.

    New York boasts a highly skilled and diverse workforce drawn from its position as a global financial and cultural hub. The state is home to leading universities, such as Columbia University and New York University, which attract talent from around the world. The workforce is particularly strong in finance, technology, media, and healthcare sectors, offering a rich pool of talent for family offices.


    New York’s workforce is known for its innovation, creativity, and adaptability, making it well-suited for the dynamic nature of family office operations. Additionally, the state’s strong legal and regulatory framework ensures a high level of professionalism and expertise in supporting family office activities.

    5. Culture & lifestyle considerations

    New York's culture and lifestyle are a unique blend of diversity, creativity, and opportunity, offering family offices a dynamic environment to thrive. The state's cultural scene is world-renowned, with iconic landmarks like Broadway, the Metropolitan Museum of Art, and the Lincoln Center providing a rich tapestry of arts and entertainment. From the bustling streets of Manhattan to the scenic beauty of the Hudson Valley, New York offers a diverse range of living options for families. New York's lifestyle extends beyond its cultural attractions, with a strong emphasis on wellness and outdoor activities. The state boasts numerous parks, beaches, and recreational facilities, providing ample opportunities for relaxation and leisure.

    New York offers a vibrant and diverse cultural scene, providing family offices with a wealth of entertainment and leisure options. The state is home to world-class museums, such as The Metropolitan Museum of Art and the Museum of Modern Art (MoMA), showcasing a wide range of art and artefacts. Broadway, located in the heart of Manhattan, offers some of the best theatre productions in the world, including musicals, plays, and live performances.

    New York City is a hub for live music, with venues ranging from intimate jazz clubs to large concert halls hosting renowned artists. The state also boasts a rich culinary scene, with a wide range of restaurants offering diverse cuisines from around the world. Additionally, New York’s natural beauty provides ample opportunities for outdoor recreation, with parks such as Central Park in Manhattan and the Adirondack Park upstate offering scenic views and recreational activities. Overall, New York’s culture and entertainment options cater to a wide range of interests, making it an exciting and dynamic place to live and work.

    In New York, family offices can benefit from a robust education system that offers a wide range of choices and opportunities. The state is home to prestigious universities such as Columbia University, New York University, and Cornell University, providing access to world-class higher education. Additionally, New York City’s public school system is one of the largest in the country, offering diverse educational programs and extracurricular activities.

    New York also boasts a comprehensive healthcare system, with some of the nation’s top hospitals and medical centres. The state is a leader in medical research and innovation, offering access to cutting-edge treatments and technologies. Family offices in New York can access a wide range of healthcare services, from routine check-ups to specialised care, ensuring the well-being of their families.

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    At a glance

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    Comparison United States: New York

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    Do family offices require a formal registration in New York?

    Family offices typically don't require a specific registration with a single authority in New York if they are purely premised on managing the wealth of a single family. However, family offices managing investments for other entities or multiple individuals may need to register with the Securities and Exchange Commission (SEC).

    What are some popular family office associations in New York?

    Two prominent family office associations in New York are the Family Office Club, which hosts exclusive events and conferences, as well as the invitation-only Single Family Office (SFO) Leadership Council, which focuses on education and networking for single-family offices.

    What are some prominent family office industry events and conferences in New York?

    The New York City Super Summit offers high-quality content and networking opportunities, while Prestel & Partner's Family Office Forum hosts industry experts for discussions and networking. Additionally, DC Finance's Global Community Events holds annual conferences for family offices and high-net-worth individuals.

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