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Common mistakes that expatriates make - and how to avoid them
Part 1: Moving your finances to Israel
Baruch Labinsky MBA, TEP Licensed by the Israel Securities
AuthorityFinancial Planner/Investment Manager
October 2013www.Labinsky.com
Crucial to keep % of your finances in your country of residence.
- Historically, when shekel was weak olim preferred to keep their money in country of origin.
- Reality changed over past 10-20 years. Now Israel has one of the most healthy currencies and economies in the world.
There used to be a tendency to keep money abroad because of the ease of access.
Post 9/11 is a different reality. Hugely increased bureaucracy.
Harder to have banking relationship in another country.
More difficult to transfer money. Some US banks now do not want
non-resident American bank accounts.
An increasing number of olim have transferred their financial center of gravity to Israel.
It is easier to manage finances in the same country.
Global uncertainty means no-one knows the long-term financial future of any country.
