Notice – Foreign Securities and Foreign Estate Tax
In certain countries, estate tax is levied on the estates of residents or citizens of those countries. Estate tax can also be applied to assets of a deceased who was neither a resident nor a citizen of a certain country, however assets which constitute part of the deceased’s estate are within the territory of that country.
For example: In the United States, estate tax is levied on assets of a deceased person (whether the deceased person is a United States person or a non-United States person) if the assets are located in the United States.
Securities issued by a company incorporated in the United States are considered to be located in the United States. The amount of United States estate tax that is due varies in accordance with the tax rate and exemptions provided for by United States law.
Please note that the Bank may require confirmation of full tax payment to a foreign tax authority.
If you invest in United States securities or other foreign securities, we recommend that you seek appropriate tax advice pertaining to the possible estate tax implications. The Bank does not provide advice on tax issues in Israel or overseas, and this notice should not be deemed as being such tax advice.