Income tax planning for a returning resident
Returning to Israel from a relocation also requires prior preparation in everything related to tax matters with the tax authorities in Israel.
This time, surprisingly, it can help you and save you quite a bit of money. There are quite a few tax benefits for a returning resident and in order to understand, win, and take full advantage of the benefits, we recommend preparing in advance – even before you return to Israel.
There is an essential meaning to starting the process even before the repetition.
Your duties and rights with the tax authorities in Israel are determined by moves you made before / while living outside Israel and the length of time you were abroad.
The basic premise of income tax is that the higher your affiliation with Israel while living abroad, the higher your exposure to paying income tax as a returning resident to Israel.
Tax benefits for returning residents
It is important to understand the tax benefits to a returning resident that you are entitled to. The sooner you understand the options available to you, even before you actually return to Israel, the better you will be able to plan the return process in terms of taxation and asset management.
We at Ocean provide an incoming tax consulting service to returning residents, in a two-hour meeting with our tax advisor – an accountant and an expert lawyer in the field of international civil taxation.
The call can take place in our office in the universe or in a skype call.
The purpose of tax advice for returning residents is to update and advise on the various tax aspects that arise upon returning to Israel, updating on tax benefits for returning residents, examining your rights with the authorities in Israel as a returning resident – income tax, social security and coordination between the tax authorities in the country and the country you return from.
What topics will the consultation be discussed?
- An explanation of the taxation of your income in Israel while staying outside Israel
- Examining your rights in Israel in terms of income tax as a returning resident / veteran returning resident
- Taxation of passive income left outside Israel
- Aspects of Social Security, Options Taxation
- Advice for the right time for you to buy properties in Israel, including a residential apartment and a reference
- Reference to the continued rental of properties outside Israel after the return date
- Tax liability in a foreign country and tax benefits for a returning resident.
- Reporting liability in Israel after the return date
