web analytics
August 31, 2015 / 16 Elul, 5775
At a Glance
Blogs
Sponsored Post


Are You Rich Enough to Make Aliyah?

A new book on financial advice for those seeking make aliyah.
rich to make aliyah

How many times have you heard people say, “I could never make aliya. It’s too difficult financially”?

Well, now there is one less excuse.

There are the standard financial pluses of living in Israel: the Israeli unemployment rate is lower than in America, day school tuitions are cheaper, and you don’t need to use personal vacation days for the chaggim.

While there are many benefits to living in Israel, there are some financial challenges, particularly around tax-filing time. While Americans living in Israel have an obligation to file with the IRS, Israel and America have a tax treaty between them, according to which if you pay taxes in Israel and also owe them in America (since America taxes her citizens on worldwide income), you can take a tax credit on your American taxes for what you paid to Israel.

In addition to filing U.S. taxes, American olim must file FBAR forms and they also may be responsible for filing under new FATCA requirements.

Confused? You’re not alone. But if you used this confusion as an excuse not to make aliya, your excuse no longer holds water. A new book can help you.

The IRS recently implemented FATCA, and Uncle Sam wants you to file your American taxes (in addition to your Israeli taxes) and FBAR form, but before you start to get too worried, there are solutions. For starters, get a copy of my recent book, The Expatriate’s Guide to Handling Money and Taxes? As a financial adviser with more than two decades of experience helping Americans abroad handle their American brokerage accounts and deal with the problems that arise from living in dual currencies, I wrote the book with the help of various leading international tax lawyers and accountants.

Just as you would extensively research communities, ulpans, schools, and jobs before moving to Israel, learn what your tax obligations to the Old Country will be when you are offshore. This should make your transition easier, as you won’t have nightmares about the IRS demanding a share of your new salary.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Are You Rich Enough to Make Aliyah?”

Comments are closed.

Current Top Story
Seder at the White House. The one without the kippa is President Obama.
Obama Cashes in on Separating Israel from American Jews’ Concerns
Latest Blogs Stories
Jewish Press Blogger, Selena Chait

Both “Half-Shabbat” & R’ Yosef’s opinion champion an extreme. There most certainly is a happy medium

Trump

Trump’s slogan and story gives American restores hope to dream to: “Make America Great Again”

Doug Goldstein

Is GDP outdated an measure of prosperity? Are there any alternative methods of assessing $ growth?

2nd Lt. Hadar Goldin

In their attack on Ban Ki Moon, Hamas admitted to committing a different war crime.

The ideal of Modern Orthodoxy should be not be viewed as a compromise the way most Charedim view it.

Israel shouldn’t rely on US; It has an awful record in protecting allies.

The Halacha of shmirat einayim (guarding one’s eyes) is incumbent on the MAN; it’s his obligation

Dem. presidential candidate Doug Shreffler talks about his campaign & its motto “as good as it gets”

I’ve decided to move away from my safety net-and I wouldn’t change that decision for anything.

Was “Jerusalem” the song Matisyahu planned to perform? It was the PERFECT response to BDS campaign

If the world’s winds of hatred bring Jews to Israel we are ready, joyfully offering them a home here

At what age should the realization start setting in for kids that we live in an uncertain society?

Spain’s SeaWorld canceled Zionist-spy dolphin’s performance unless it supports a Palestinian state

How does the Iranian deal affect anti-terrorist legislation adopted by a number of US states?

Shabbat afternoon soccer games, a tradition in Israel’s league, may become a thing of the past.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Is GDP outdated an measure of prosperity? Are there any alternative methods of assessing $ growth?

Doug Goldstein

Dem. presidential candidate Doug Shreffler talks about his campaign & its motto “as good as it gets”

How does the Iranian deal affect anti-terrorist legislation adopted by a number of US states?

Why are wealthy people less likely to gossip? So if you get rich you’ll cut down on Lashon Hora!

What has made Israeli innovative startups world leaders in high tech?

Author Gail Reynolds offers great advice for Mom’s wanting to build a business around their families

How can you remove anxiety and worry from retirement planning?

What is peer-to-peer (P2P) networking? How does it help you access what you want in the internet?

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/are-you-rich-enough-to-make-aliyah/2013/04/18/

Scan this QR code to visit this page online: