Arnon Milchan moving back to Israel

The billionaire film producer will receive the tax breaks that are given to new immigrants and returning nationals.

Sources inform ''Globes'' that producer Arnon Milchan is returning to Israel and will benefit from the benefits awarded to new immigrants and returning nationals.

The amendment to law was initiated by the Israel Tax Authority and the Ministry of Immigrant Absorption. It awards extensive tax breaks with the goal of encouraging immigration.

The sources added that Milchan's attorney, Adv. Pinchas Rubin, helped persuade him to return to Israel in order to benefit from the tax breaks, including no income taxes on foreign income for ten years.

The amendment was enacted, several wealthy new immigrants and returning Israelis have exploited them. A contributing factor has been the tightening of criteria by certain countries, including the UK, for returning native-born residents. Milchan is the most prominent of the new immigrants and returning Israelis taking advantage of the amendment.

Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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