According to the data of Global Service Transfer Global Service Advanced Financial Services (GMT), there was a 50 % increase in Israel in transferring money abroad. This was followed by the steps taken by the Israeli Council of Ministers to topple the President of Ronin Ron, and the Prosecutor, Galle Baharav Mayra. GMT reports that there are two types of requests, most of them Israelis who seek to transfer their investment portfolios into the United States and Europe, while the smaller percentage was interested in moving for transportation purposes.
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“There has been a clear increase in transferring money abroad since the start of the judicial reform, which was strengthened after the war. This trend was intensified last week, during which we received hundreds of calls from citizens interested in this step,” says GMT CFO ERAN TIBON.
“People are concerned about their money after the downward trend on the stock exchange, and the budget of the new state, and many expect tax increases, including capital gains and inheritance taxes, to the point of fear of nationalizing assets to support the deficit – and they transfer their investment portfolios abroad,” Tebon added.
Last week, the Israeli cabinet voted to shoot the President of Shin Beit Ronn Bar after he described it as a lack of confidence between him and the Prime Minister, but the Supreme Court of Justice froze this step until it discussed the petition against his dismissal. In addition, the Council of Ministers approved a vote without confidence in the public prosecutor, Jali Bahrav Mayra, in the first step towards expelling her position. These moves have extracted harsh criticism from both legal and political figures, who called for action against these moves. Because of these events, the main Tel Aviv exchange indicators decreased earlier this week, as it recorded its sharp decline since October 2023.
It was published by Globes, Israel Business News – En.globes.co.il – on March 26, 2025.
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