Emigrating to Israel – supporting clients throughout the journeyPublished on 07 Apr 2021
Two minutes with David Bagraim, Partner - Family Office, Israel
There are many motivations for clients to move to Israel. Our experience as a firm is that clients don’t just come for the favourable tax regime, but for the quality of life. Israel has a thriving democracy, great healthcare system and a well-earned reputation as a hi-tech start-up hub. And of course - the weather is beautiful.
The government’s strong response to the coronavirus pandemic and successful roll-out of the vaccinations has also been an influence. For many already considering the move, this model of efficiency has been a real ‘push’ factor.
Over the past 12 months we have seen a slight shift towards clients keeping portfolios more liquid. Otherwise there have not been any dramatic changes in direction during the Covid pandemic. We have seen neither panic buying nor selling investments. For many client families, though, the situation has highlighted the importance of having their affairs in order and prompted many to do so, ensuring the preservation of wealth for future generations.
Moving to any country comes with a host of challenges. We work closely with local professional partners, our clients’ advisers and our global offices to ensure a coordinated approach, consistency of advice and that the move goes as smoothly as possible. Above all, it is vital that families have clear tax planning and structuring guidance before they emigrate.
Effective structuring is complicated for cross-border families. Maintaining a shared vision can also be challenging, particularly when you don’t see each other often. We support all family members and beneficiaries, ensuring they receive the best tax and legal advice to structure their affairs in a way that is beneficial to all - regardless of where they live.
We help families with the all-important tasks related to lifestyle too. From emigration and visa paperwork through to opening bank accounts, setting up phone contracts and choosing housing or schools. The value of on the ground, face-to-face support before, during and after the move cannot be underestimated. We are there from start to finish.
David is a Partner in the Family Office Division and is based in Israel. He serves as the Relationship Manager for a number of high net worth international families