A new olah from America asked me for aliya advice. She had already contacted me six months before she arrived, set up new U.S. brokerage and IRA accounts through my office, and had all her investments in place. Though there are plenty of resources to help new immigrants, she had a few specific questions. After responding to her, I realized my answers might be useful to all new olim. Continue reading, and I’ll tell you how you can get a copy of my response.
Don’t let surprises derail your aliya
- Running a household is much like the blood in your body; the most important thing is the flow. If your blood stops moving, you’re in deep trouble. Similarly, if you don’t have cash flow, your move to Israel will also waver… and perhaps fail.
- In order to maintain cash flow, you’ll need an Israeli bank account. Unfortunately, Americans face challenges when starting an Israeli banking relationship. Transferring funds from America to Israel can be difficult, regardless of the fact that the money may be moving to a same-name account in Israel. Sadly, we’ve seen delays of several weeks until an Israeli bank credits a client’s account with the money that was wired. Be prepared to show many documents with the source of the funds. It is not unusual for banks to require tax documentation and accountant letters before accepting funds. Imagine how hard that is for cash flow!
- Expenses seem larger in shekels. The difference isn’t only due to the dollar/shekel ratio, but the real cost of goods in Israel is rather high. A recent survey placed Tel Aviv as the most expensive city in the world. Having a positive cash flow means keeping a close eye on where the money goes. What are the best tools for that now that you live a multicurrency lifestyle?
Get a free copy of the letter for yourself or someone you know
In the letter to my new client, I provided her with resources to answer these questions, as well as others. To read the letter go to www.profile-financial.com/aliya-letter
Published September 15, 2022.