Own or Planning to Buy Investment Property in Israel?
Make sure you report!
Medinat Israel is getting serious about apartment owners who do not report rental income. Today in Jerusalem, a 36-year old yeshiva student was indicted for failure to report 1.36M in rental income from five units that he owns and rents out. He was charged with fraud under income tax and real estate laws. The report does not state if he is a dual citizen. Bottom line…Israel is the best real estate investment market in the world. But the days of black money may be coming to a close. Be careful.