One of the most common questions asked by new repatriates after the main legalization processes have been completed is: how to transfer, ‘what was earned by hard work’?
To the delight of all repatriates, the Bank of Israel has published a basic list of documents that will be required for a repatriate to transfer funds from abroad to an account in Israel.
Certainly, it is good that such guidelines are now available. However, it is important to understand that these are basic lists of documents necessary to initiate the process of transferring money. Each bank, even each branch, may have its own opinion on this matter and may require additional certificates.
We recommend that you not only inform the bank in advance of your intention to make a transfer but also obtain recommendations from them on the necessary package (compare one of the lists below). All original documents that are prepared in a language other than English must be translated into Hebrew or English by a notary. Notarial translation into Hebrew is strictly accepted from an Israeli notary.
List of documents required for repatriates to transfer money, depending on the type of operation
Personal funds from a foreign bank account:
1. The account from which the transfer will be made must belong to the owner of the Israeli account. If the account in Israel is a family account – to one of the spouses.
2. Bank statements in which the owner’s data will be listed and information that the funds have belonged to the owner for a significant time, are savings, and not the result of receiving a significant amount from third parties close to the date of repatriation.
3. If the funds are placed in an account not in the country of origin – a certificate from the tax authorities about the payment of taxes or a certificate from an auditor or lawyer that the funds can be declared in any country of residence.
4. Declaration of the origin of savings.
Funds from the sale of real estate in the country of origin:
1. The real estate before the sale must have belonged to the account owner.
2. Contract for the sale of real estate/land.
3. Certificate of ownership of the sold object.
4. Certificate of tax payment from the sale (from tax authorities) or a certificate of exemption from tax payment from the sale of this object (from an auditor/lawyer).
5. Bank statements from the account to which the funds from the sale were credited. If the funds were received on one account and then transferred to another – it is necessary to show the movement of funds and provide a declaration of the reasons for the transfer between accounts.
6. It is advisable to provide information about the transfer of ownership of the object.
Funds from the sale of a car/motorcycle:
1. Contract for the sale of the vehicle.
2. Certificate of tax payment from the sale – a certificate from the tax authorities about the payment of taxes or a certificate from an auditor or lawyer that the funds can be declared in any country of residence.
3. Bank statements from the account to which the funds from the sale were credited. If the funds were received on one account and then transferred to another – it is necessary to show the movement of funds and provide a declaration of the reasons for the transfer between accounts.
Inheritance:
1. Notarially executed certificate of the right to inheritance.
2. Death certificate of the testator.
3. Bank statements in the name of the heir, including information about the crediting of funds from the testator’s account.
4. Certificate of tax payment from the sale – a certificate from the tax authorities about the payment of taxes or a certificate from an auditor or lawyer that the funds can be declared in any country of residence.
Dividends, bonuses, and other passive income:
1. Orders, statements, certificates from the company making the payments, justifying the transfers.
2. Certificate from an auditor or lawyer that the recipient is a shareholder/beneficiary/employee.
3. Bank statements in the name of the recipient, including information about the crediting of funds from the company’s account.
If your case does not fall under any of the listed categories, or the transfer amount is more than 300 thousand dollars, or you have questions during the compliance procedure, or you would simply like to avoid them from the very beginning by getting ‘turnkey’ support, contact us:
Write or call WhatsApp: +972587577222, +972587781211, write in telegram @Pravoisrael_AZ
