Israel’s Tax Law Brings Billionaire Home
Foreign income is untaxed, so movie producer Arnon Milchan moves back
Hoping to ignite a new wave of immigration, Israel changed its tax laws nearly a year ago, offering potential new arrivals, as well as those who’d left the country but are considering a return, a big break. According to the new rules, newcomers would pay no taxes on any foreign income for 10 years following their relocation. Now comes the news, via Globes, an Israeli business magazine, that fertilizer company scion-turned-movie mogul Arnon Milchan is taking advantage of the generous benefits and moving back to Israel. A producer on movies good (The King of Comedy) and less good (Marly & Me), Milchan was estimated to be worth $2 billion by Forbes in March. Who knows how much that’ll change once Alvin and the Chipmunks: The Squeakquel is released later this year, and how much tax revenue Israel will have then forfeited in its effort to reclaim a native son.
Arnon Milchan Moving Back to Israel [Globes]