According to data from advanced financial services company Global Money Transfer (GMT), last week there was a 50% increase in interest in Israel in transferring money abroad. This followed steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara. GMT reports that there were two types of requests, most of them from Israelis seeking to shift their investment portfolios to the US and Europe, while a smaller percentage were interested in the move for relocation purposes.
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GMT CFO Eran Tibon says, “There has been a clear increase moving funds abroad since the start of the judicial overhaul, and which has strengthened following the war. This trend has intensified in the past week, during which we have received hundreds of calls from citizens interested in the move.”
Tibon added, “People are concerned about their money following the downward trend on the stock exchange, the new state budget, and many are expecting tax hikes, including capital gains and inheritance taxes, to the point of even fearing the nationalization of assets to support the deficit – and they are transferring their investment portfolios abroad.”
Last week the Israeli cabinet voted to fire Shin Bet chief Ronen Bar following what it described as a lack of trust between him and the Prime Minister, but the High Court of Justice froze the move until it discusses the petition against his dismissal. In addition, the cabinet approved a vote of no confidence in the Attorney General Gali Baharav-Miara, in the first step towards ousting her from her position. These moves have drawn harsh criticism from both legal and political figures, who have called for action to be taken against these moves. Due to these events, the main Tel Aviv Stock Exchange indices plunged earlier this week, recording their sharpest fall since October 2023.
Published by Globes, Israel business news – en.globes.co.il – on March 26, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
