Ready to put a down payment on an apartment abroad? Something unexpected you need to be aware of:
When making a large international wire transfer, anti-money laundering regulations require the receiving bank to know the source of the funds (income, inheritance etc.), and if taxes were paid on them.
The banks ask their client to bring a letter certified by an accountant that they have reviewed the source of the funds and know that all taxes have been paid.
If a letter is not shown to the bank, the transfer will be rejected, and the funds sent back to the source bank.
One service I provide is reviewing these transfers and writing up a letter for the receiver. This service is especially needed when expats are putting a down payment on a new home.
Israeli banks are very careful about this law, and will reject a letter if information is not sufficient.
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