In two weeks time, Israelis will go to the polls, in what is expected to be a closely contested election. At stake are the fortunes of many HNWIs.

Israel’s prime minister Benjamin Netanyahu is seeking his third consecutive re-election having served as prime minister for nearly a decade.

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Its outcome is far from certain. Netanyahu’s Likud is currently polling in third place according to a survey by Israel’s Channel 12 and Channel 13.

At stake for many HNWIs will be any changes in Israel’s tax laws, which are unique to the country.

The 2008 law, known as Amendment 168, gives new immigrants and returning residents an exemption from paying taxes on income earned abroad, and even on reporting that income, for a period of 10 years.

Public pressure is weighing on the Knesset (Israel’s parliament) to revoke the amendment. Last year the Israel Tax Authority’s director general, Moshe Asher, said that Israel was one of the world’s “most generous tax havens” as a result of the legislation.

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Supporters of Amendment 168 have argued that in fact it is the cause of many new immigrants in Israel, and countries in Europe have similar laws.

Another supporter of the Amendment is Israel’s prime minister Benjamin Netanyahu, who has been accused of using its loopholes to help businessmen.

PBI subscribers can read the full article here: Israel wealth management: Election creates uncertainty for HNWIs