Israel's Tax Authority Reports Nearly $500 Million Declared in Capital Amnesty Program
Israel's Tax Authority has announced the conclusion of a year-long voluntary capital legalization program, which saw citizens declare undeclared assets totaling approximately 1.89 billion shekels (about $490 million USD). The program, which offered amnesty from criminal prosecution for financial offenses in exchange for paying applicable duties, attracted a significant number of applications, with a surge of activity in the final month, August.
Out of 823 official applications submitted, nearly half were filed in August as individuals rushed to meet the deadline. The Tax Authority anticipates that the state budget will be augmented by approximately 152.6 million shekels (about $40 million USD) in tax revenues following the verification of these declarations.
Analysis of the declared assets revealed three primary categories where Israelis concealed funds. Foreign bank accounts led in value, with 197 declarations accounting for 623.1 million shekels, expected to yield 41.9 million shekels in taxes. Cryptocurrency assets ranked second in value but first in tax burden, with 203 declarations totaling 482.5 million shekels, projected to bring in 51 million shekels in taxes. Rental income from properties was the most frequent category, with 324 applications declaring 358.2 million shekels, expected to generate 32.3 million shekels in taxes.
Other declared assets included inheritances, securities transactions, business activities, and diamond trading. The Tax Authority cautioned that all figures are preliminary and subject to detailed review. This program, launched in August 2025 with support from the Attorney General, is part of a series of similar financial incentive measures previously conducted in Israel between 2011 and 2019, which collectively brought in around 5 billion shekels.
