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Can a foreign resident purchase real estate / property in Israel ?Israel has a government system for regulating ownership of land, this system is called the land registry extract (Tabu). According to the Israeli law there is no problem for a foreign citizen who is not a resident or citizen of the State of Israel to own property and register the it in the land registry extract (Tabu) in their name. What do you need to do this? Basically an Israeli lawyer, if you don't have one we will be happy to recommend you an Israeli lawyer specializing in real estate & foreign citizens. We will elaborate more about the lawyer in the question "Do I need to travel to Israel in order to purchase real estate?" * The above should not replace legal advice, before any decision you should consult with your lawyer.
Do I need to travel to Israel in order to purchase real estate ?In order to understand the essence of the trip, you need to understand the necessary steps. 1. Finding a property - (That's what we're here for.) 2. Signing a purchase contract. 3. An Israeli Acquisition Tax Rate declaration. 4. Payment - opening a bank account in Israel. 5. Registration in the land registry extract (Tabu) The documents can be signed at the Israeli consulate closest to you, in addition to a power of attorney for your lawyer in Israel who will open a bank account (trust) for the purchase of the apartment. Simply put, there is no need to come to Israel in order to purchase land, everything can be done in your country of residence. * The above should not replace legal advice, before any decision you should consult with your lawyer.
What are the tax rate and additional costs I will be required to pay ?In principle, there are three supplements to the price you will receive. Real estate brokerage fee - Usually 2% + VAT Attorney's fee - Ranging from 0.25% - 1.5% + VAT Purchase tax - for a foreign resident, the purchase tax is 8% In conclusion, it is customary to calculate for a foreign citizen 12% as additional costs for the purchase of the property. * The above should not replace legal advice, before any decision you should consult with your lawyer.
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