Bringing In Cash

Are There Israeli Income Tax Breaks For New Olim?

The Israeli Ministry of Finance establishes the maximum amount of money that you can bring into the country without declaring it or paying taxes on it. In general, this amount is $10,000 or its equivalent in other currencies. However, larger amounts may be allowed if you can prove that it was obtained legally. You may be required to document the source of your funds with receipts or other proof of purchase.

If you plan to bring more than $10,000 in cash to Israel, you must declare the amount to the Israeli Ministry of Finance. You will be asked to provide documentation to prove that the money was obtained legally, such as receipts from your financial institution. You will also be required to pay a tax of up to 15% on the amount that is over the $10,000 limit.

There is also an additional limit on the amount of cash that you can bring with you when you make Aliyah. This limit is set at a maximum of $5,000 and can only be exceeded in special circumstances, such as if you are coming to Israel for medical treatment.

When entering Israel, it is important to be aware of the strict laws and regulations governing the amount of money that you can bring. You should make sure to check with the relevant authorities before you travel to ensure that you are compliant with the limits and that you do not inadvertently commit a crime.

Making Aliyah is an exciting journey, but it is also important to ensure that you are prepared in all respects. Knowing how much cash you are allowed to bring to Israel is just one of the many things that you need to consider in order to ensure that your experience is as smooth and enjoyable as possible.