Wealthy Russians said seeking shelter from Western sanctions in Israeli property

Wealthy Russians are looking to invest in Israeli property as they seek shelter from Western sanctions over Russia’s invasion of Ukraine, The Times of London reports.

According to the British newspaper, which cites estate agents and tax lawyers, there has been a marked uptick in inquiries from Russian buyers about beachfront properties and plots in Tel Aviv.

The report attributes the interest in Israeli property to the country’s 10-year tax exemption and tax-reporting exemption for new immigrants, and what it says is an agreement between Israel and Russia against carrying out assassinations in each other’s territory.

According to the Times, the areas with the most interest are the upscale suburb of Herzliya Pituach and Tel Aviv’s Neve Tzedek neighborhood, where the report notes sanctioned Russian-Israeli billionaire Roman Abramovich owns property.