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IS2.1ÌýÌýÌýÌý Property purchase in Israel

Pursuant to section 9(a) of the Land Taxation (Appreciation and Purchase) Law 5723-1963 ('the Law'), Purchase Tax (akin to Stamp Duty) is chargeable on every purchase of a right in real estate or of a right in a real estate association:

'in the sale of a right in real estate the purchaser will be charged with land purchase tax (hereinafter - Purchase Tax); the Purchase Tax will be at a rate determined by the value of the sale or at a fixed sum, according to the type of sale or real estate, as determined by the Minister of Finance with the approval of the Knesset Finance Committee, and provided that the sale of a right in real estate that is not a residential apartment [the term residential apartment can be interpreted as referring to all residential properties] to a purchaser who is a member of a purchase group, the sale value will be the sale value of the constructed asset, which is not a residential apartment. '

Real Estate is defined