Israel - Retiring and Pensions

There are no specific schemes to encourage retiring people to move to Israel, although there are a number of ways in which a person can claim citizenship if they want to reside there on a permanent basis. These include those people who are a member of the Jewish faith and those who have an Israeli mother or father. The cost of living is fairly average so there are no great savings to be made by moving there, although there are some aspects of living which are much cheaper than elsewhere in the world.

Unless you have been resident in the country for a number of years and have been paying into the country’s social security scheme, you will be unable to claim a pension from the Israeli government, so as a retired person from another country you must have your own income, usually in the form of a state or private pension from your country of origin.

If you are entitled to a state pension from your home country it is possible that this can be paid to you while you are in Israel. It may be that the monies can be transferred directly to your bank account in Israel, although it may be that some countries will not do this. In which case you could have it paid to a bank account in your home country so that you will be able to transfer this yourself. There will be charges made by the banks for performing this service. It is advisable to talk to the pensions department in your home country to find out what agreements they have with the Israeli governments for making payments.

The same advice applies to those who are in receipt of a private pension. In many countries the companies that administer these will not transfer the monies for you, but it is wise to check as each company’s regulations and guidelines will be different. As with a state pension, having it paid into an account in your country of origin and then transferring the monies yourself may be your only option.

Israel is an attractive destination for those who are looking to move to somewhere with a warmer climate, although with the political situation it may be more attractive to those who are of the Jewish faith. The further away you are from the trouble hotspots the more appealing the country is, and the towns and villages in the south are much more peaceful, attracting expats and holiday makers from all over the world.

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