Recently, Israeli and foreign banks have sent threatening letters to new immigrants, foreign residents or those who are financially involved in foreign operations. Have you not received such a letter yet? It may well be that it is already on the way to you. The banks, it seems, have hardened and exacerbated positions, and now demand to know what your tax residency definition is, while at the same time threaten to transfer the information they have collected about unsuspecting citizens to financial entities abroad.
As if that’s not daunting enough, many banks in Israel are also making it difficult for new immigrants, rejecting overseas money transfers and demanding information on money sources. The banks’ new approach, it is important for you to know, will not change in the near future. It is here to stay, and we need to adjust ourselves to the changing reality.
Read the full article on The Jerusalem Post.