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With the hope of sparking a wave of immigration during the year-long celebration of Israel’s 60th birthday, Israel’s finance and immigration ministries have asked that Israel’s Tax Authority draft legislation to make moving to Israel more financially attractive.

The proposed legislation, which experts hope will simplify the financial aspect of the immigration process, is currently making its way through the Knesset. Last week hundreds of interested Canadians sat through sessions in both Toronto and Montreal to hear about it.

Under the new law, new immigrants or Olim, as well as native Israelis returning to Israel, will be given a 10-year exemption on tax and reporting on assets and all types of income that are derived from outside of Israel. This includes income from interest and dividends based in their former country or elsewhere, salaries and work income, corporate income and capital gains on the sale of assets abroad.

Additionally, new immigrants can request a one-year period from their arrival in Israel where they can choose not to be considered Israeli residents for income tax purposes.

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“They’re trying to encourage both Olim and returning residents,” said Braude. “Before this law, there were waves of immigration coming [to Israel]. There are a few factors that are driving Aliyah [in North America] today.

“[For example] it’s too expensive to pay for school fees, and the retirement options are apparently far superior in Israel and far more affordable, and unfortunately, there is antisemitism all over the place.”

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