Buying an apartment in Netanya as a new oleh

The key points

• The olim purchase tax relief applies to an apartment bought from 1 year before your aliyah up to 7 years after it.¹
• For olim who arrived after 15 August 2024, buying a sole apartment: 0% up to ₪1,978,745, 0.5% up to ₪6,055,070, 8% up to ₪20,183,565.³
• The relief is given once.¹
• A bank can finance up to 75% of the price of a sole apartment. A buyer who does not count as an "Israeli citizen" under the Bank of Israel directive gets up to 50%.⁵⁶
• Olim without an apartment can get state mortgage assistance within 15 years of receiving oleh status.⁸

Purchase tax (mas rechisha): the olim relief

Comparison for a sole apartment. Each rate applies only to its own slice of the price, like steps.

If the apartment costs more than ₪20,183,565, the olim relief does not apply and the whole tax follows the regular scale. The thresholds are frozen until 15 January 2028.³²

• Example: an apartment for ₪3,000,000. An oleh pays 0.5% on ₪1,021,255, about ₪5,106. On the regular scale the tax is about ₪45,538. The difference is about ₪40,432.³²
• The period runs from 1 year before your first entry as an oleh to 7 years after it. Compulsory IDF or national service in those 7 years is not counted.¹³
• "Sole apartment" means you own no other apartment, or you sell your previous sole apartment within 24 months of buying the new one (12 months from receiving possession when buying from a developer).⁴
• Olim who arrived before 15 August 2024 may choose the old track: 0.5% up to ₪1,988,090 and 5% above that, even if the apartment is not their only one.³
• An off-plan apartment bought before aliyah: at most 3 years from the purchase to your entry, and you must receive an oleh visa or oleh certificate within a year of the purchase.⁴
• How to apply: a request to the Real Estate Taxation office for the apartment's area, with form 2973 and a Population Registry extract showing your entry date. The forms are filled in Hebrew; usually the lawyer handling the deal files them.¹³

Mortgage for olim

• Under Bank of Israel Directive 329: up to 75% of the price for a sole apartment, up to 70% for a replacement apartment (when you upgrade) and up to 50% for an investment property. The monthly payment can be at most 50% of income, and the term up to 30 years.⁵⁶
• A buyer who does not count as an "Israeli citizen" under the directive is always treated as buying an investment property, so up to 50%. By the directive's text, an oleh registered in the Population Registry counts as an "Israeli citizen". Confirm with your bank how it will classify you before the deal, especially if you buy before aliyah.⁷⁶
• State mortgage assistance for olim without an apartment: within 15 years of receiving oleh status. The amount depends on points: age, family and years in Israel. The eligibility certificate is issued through a mortgage bank and is usually valid for a year.⁸⁹
• Base amount in the Housing Ministry table: from ₪107,090 (1,700–1,799 points) to ₪161,665 (2,200 points and up). Single olim have different rules; ask a mortgage bank.¹⁰⁹
• Ministry loan terms: interest no higher than 3%, term up to 30 years; the total mortgage is usually at most 75% of the price.¹¹

Bringing money from abroad

• Entering or leaving Israel with cash, cheques, bearer securities or payment cards worth ₪50,000 or more? Declare them to customs on Form 84. At some land crossings the threshold is ₪12,000.¹²
• Open an Israeli bank account soon after you arrive: the Ministry of Aliyah pays the absorption basket into it. Couples need a joint account in both names, and both must be present.¹³
• US citizens: the IRS states that US citizens and resident aliens abroad are taxed on their worldwide income. Talk to a US–Israel tax adviser before you buy.¹⁴
• I don't advise on money transfers. Discuss the transfer with your Israeli bank before you sign the contract. If you need, I'll connect you with a vetted professional.

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