On March 13, the Finance Ministry unveiled a new plan promising financial incentives and tax-benefit packages to wealthy Jews seeking to bring their fortunes to the Holy Land.
The new incentive plan offers tax exemption for 10 years on all income derived from sources outside Israel, provides newcomers with a year to choose to which country they want to pay taxes, and will not mandate that firms owned by new immigrants be registered as Israeli firms. Government officials believe that the new plan will also attract former Israelis in the high-tech industry who might be looking for ways to return after establishing their businesses overseas.
On March 25, the Knesset hosted the inaugural meeting of the Caucus for Western Aliyah, which will work on promoting “immigration of choice” and will assist in the absorption of Western Jews in Israel. This year, the Absorption Ministry will allocate $25 million for promoting aliyah from around the world.