Tel Aviv seeks ex-City workers

The Israeli embassy in London is stepping up its efforts to recruit workers from the City in the wake of the crisis sweeping the financial sector.

A commission set up by the Israeli government is recommending transforming Tel Aviv into a global financial centre. Last week, the Knesset authorised new tax laws that will exempt new immigrants and returning Israelis from taxation on property and share portfolios which they hold outside Israel.

Shmuel Ben-Tovim, economics minister at the Israeli Embassy, said this week: "These new developments in Israel have boosted our ability to offer workers in the City better conditions for working in Israel."

The embassy has set up an advisory panel for concerned City workers, which, says Mr Ben-Tovim, has received a number of approaches from senior businesspeople, including former Lehman Brothers employees, asking about jobs in Israel as a result of the UK's economic situation. "We have seen quite a lot of interest recently, but in the last week it has increased greatly," he said.

One City trader who is considering moving to Israel is Daniel Mann, 39, of Hampstead Garden Suburb. He said: "The new opportunities in Tel Aviv are interesting, though Israel, despite its impressive financial growth over the last few years, will also catch the cold that's going around the world."

Daniel Goldstein, 39, left London in July 2007 for Ra'anana, and now heads the international sales department for a Tel Aviv investment firm. "Perhaps today people can say they saw this crisis coming, but that's not a reason to decide to come on aliyah," he said.

 

What the credit crunch will mean for the Jewish community.
    Last updated: 1:40pm, September 23 2008