The Best Beaches in Tel Aviv
September 14, 2023
11 Interesting Facts About The City of Tel Aviv
November 23, 2023
Get to know the tax relief for buying an apartment for new immigrants.
New immigrants are entitled to receive reductions in purchase tax when purchasing an apartment. New immigrants are qualified to receive the relief starting one year before immigration up to 7 years after immigration. If you are new immigrants and you are thinking of investing in real estate in Israel, you should know that as long as 7 years have not passed since your date of immigration, you are qualified for this benefit. This is a significant discount on the purchase tax payments for properties purchased in Israel.
- The relief is applicable for the purchase any of these:
- A residential apartment (or house) in which the immigrant will live.
- An apartment (or house) that is suitable for residence and business and the immigrant will live and work in it.
- A building for a business, including an agricultural farm, in which the immigrant or his relative will work (qualified relatives: spouse, parent, child, spouse of a child or sibling of the immigrant).
- Vacant land that will be used to build a residential/business house as specified, in an area that does not exceed 1,000 square meters or the minimum area that is allowed to be built on the land in accordance with the planning and construction law – according to the larger area of the buildings.
- The purchase tax rate for immigrants from 01.16.2023 to 01.15.2024:
- 0.5% on the part of the value of the property up to NIS 1,928,220.
- 5% on the part of the value of the property above NIS 1,928,220.
**The content of this article is designed to provide the reader with general information and not to serve as legal or other professional advice for a particular transaction.
