Israeli Bank System
We can help you!
Having a problem transferring money to an Israeli bank?
Not resolved the issue of your tax residency?
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HOVELLE, TSAITEL & CO. LAW FIRM is a team of lawyers with many years of experience, providing legal services in the following areas:
Assistance in opening a bank account in Israel
Assistance in transferring funds to Israel
Preparing compliance files for Israeli banks
Appeal against decisions to freeze bank accounts
The world has become a Global Village where you don’t have limitation or restriction of any information (except for the so-called “rogue countries”). Any information becomes available by clicking on a button of computer. For example, Ivan, a Russian guy, living somewhere in Siberia can get easily personal information about Juan Carlos, who lives nicely somewhere in Amazon jungle.
Everyone will agree that the progress that humanity reached by creating global Internet, is invaluable. Moreover, hard to believe that somebody will be ready to give up the “web” despite all the criticism and disagreements associated with it. On the other hand, personal information that can become public to everybody, is hardly acceptable to anyone. And if the information is related to bank accounts, then even more so!
Like everything else in the world, by intervention of our beloved Uncle Sam, even the holy of holies- the banking confidentiality, has become almost public. If earlier only Ivan from Siberia knew about his bank account in a Swiss bank, then recently, the tax authorities of the country of residence, who received this information from their colleagues from Switzerland, also know about it.
Frequently asked question
Let me remind you that in recent years bilateral agreements have been signed between many countries. According to these agreements, countries are required to exchange banking information between them, about the owners of accounts that are tax residents of another country. That means, if our Ivan is a tax resident of the Russian Federation and he has a bank account in Switzerland (which he hid from the tax authorities of the Russian Federation), then the Swiss tax authorities are obliged to “drain” all the information to their colleagues from Russia.
The reason for this is the continuous fight against cross-border tax evasion, that is, against “dirty” and illegally earned money. The exchange of information in automatic mode takes place within the framework of the “Common Reporting Standard” (CRS). The CRS standard provides for the annual automatic exchange of information between the states that have adopted it. The document describes what information is subject to international exchange, specifies financial organizations that must collect and provide tax-relevant information to their authorities for subsequent international exchange, describes the types of accounts and tax residents for which such information should be collected and provided, as well as unified verification methods the reliability of clients when opening accounts.
Before bilateral agreements, banks “closed their eyes” and did not demand from clients to document the legitimacy of the source of the money. A suitcase with beautifully packed money opened the doors to any bank. Today, even with a deposit of $ 5,000, you will be asked by the banker “where did the money come from?”
Recently, Israeli banks refuse to open bank accounts for people who didn’t answer the questions in detail or don’t give exhaustive answer to the asked questions. Moreover, banks refuse to accept money to already existing bank accounts, if they are not based by appropriate documents confirming the purity and legitimacy of this money.
One way or another, many of our clients face the problem of transferring money to Israel. The reason for this be different – including, not everyone has a confirmation of the origin of the capital, which they have earned honestly and legally over a decade.
Our many years of experience have given us the opportunity to help our clients in preparing compliance files for Israeli banks in order to open an account and transfer money to Israel. For this, we work closely with the business branches of the largest banks in Israel. We also work closely with financiers and bankers who are familiar with the material not only in Israel, but also in Russia, Europe and America.
We work with clients of different categories and many years of experience have proven that even in the most difficult situations, you can achieve a positive result.
So, if you are faced with the problem of opening a bank account in Israel or transferring capital to Israel, contact us – we will try to help you!
Specialists in this area
Mr. Tsaitel is expert in Real Estate and Bankruptcy Law. He also provides services in field of Israeli Bank system, as well as providing assistance in transferring fund to Israel. Mr. Tsaitel knows from his own experience the internal features of government structures, as well as the subtleties of commercial activity.
Mr. Hovelle is expert in Civil Law, especially in Administrative Law. He knows from his own experience the internal features of government structures, as well as the subtleties of commercial activity.