Discreet Professional Handling · Professional Confidentiality · Firm Active Since 2000

Voluntary Disclosure, Tax Regularization and Undisclosed Assets

Professional and discreet assistance with the review and regularization of assets, accounts, and income that may not have been fully reported. In an era of international financial information exchange (CRS and FATCA) and enhanced compliance, proactive tax regularization may assist in assessing reporting obligations, regularizing historical filings, and preparing supporting documentation required by tax authorities and financial institutions.

Schedule a Confidential Consultation Explore the 4-Step Process

International accounting and tax activity

Who May Benefit From This Service?

Foreign Bank Account Holders: Israeli residents holding undeclared foreign bank accounts, investment portfolios, or trusts.
Crypto & Digital Asset Investors: Individuals who accumulated profits from cryptocurrency and Web3 activity seeking tax regularization and banking acceptance in Israel.
Foreign Rental & Real Estate Income Recipients: Owners of income-generating real estate abroad requiring regularization of annual tax filings in Israel.
New Immigrants & Returning Residents: Individuals whose 10-year tax exemption under Amendment 168 has expired, requiring comprehensive reporting on worldwide assets.
Inheritances, Gifts & Overseas Fund Transfers: Funds received from abroad requiring documented source-of-funds verification and CPA compliance certificates for banking institutions.

Voluntary Disclosure for Foreign Accounts, Crypto & Undisclosed Income

Proactive disclosure allows individuals to assess exposure, address reporting obligations and tax liabilities where applicable, and prepare structured accounting documentation ("source of funds") that may be required by banking and compliance authorities.

The Four-Step Process at Nimrodi & Co.

1
Step 1: Initial Assessment & Feasibility (Strictly Confidential)
Comprehensive preliminary review of asset sources, relevant tax years, and exposure, verifying qualification for proactive civil settlement.
2
Step 2: Documentation, Data Reconstruction & Tax Calculation
Reconstructing foreign bank statements, crypto transaction logs, and foreign tax credits; calculating capital gains, loss offsets, and foreign tax relief to prevent double taxation.
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Step 3: Reporting & Representation with the Israel Tax Authority
Submitting amended tax returns and managing professional dialogue with the assessing officer to regularize filings and present a complete and accurate accounting of facts and figures.
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Step 4: Completion, Tax Settlement & Banking Documentation
Finalizing the assessment agreement, settling agreed taxes, and obtaining professional documentation and certificates that may be required by banks and compliance officers, depending on the circumstances.

Professional Advantages

Professional Confidentiality: All communications and records are maintained under rigorous statutory accounting confidentiality and professional ethics.
Banking Compliance & AML Expertise: Structuring transparent documentation of the money trail to satisfy strict anti-money laundering (AML) and know-your-customer (KYC) requirements.
Cooperation with Leading Tax Attorneys: For complex matters requiring specialized legal defense or attorney-client evidentiary privilege, our firm works in full coordination with top-tier tax attorneys.

An accountant’s professional confidentiality is not attorney-client privilege. No outcome with the tax authority or acceptance of funds by a bank is guaranteed; each matter is assessed according to its circumstances and applicable law.

Frequently Asked Questions

Can undisclosed income be regularized when no official temporary voluntary disclosure program is open?

Yes. Even in the absence of a temporary amnesty program, taxpayers can proactively file amended tax returns and request an assessment agreement under the standard provisions of the Israeli Income Tax Ordinance. Proactive submission prior to an audit may assist in regularizing filings and reducing risks, depending on individual circumstances and statutory provisions.

Is paying the tax sufficient for the bank to accept the funds?

Not necessarily. Commercial banks are bound by strict AML/KYC regulations and demand clear, verifiable evidence of the source of funds and transaction history. Our firm assists in preparing comprehensive documentation and CPA verification letters to satisfy compliance officers.

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Nimrodi & Co. CPA

16 Galgalei HaPlada St., Herzliya Pituach 4672216, Israel

+972 9-958-2211 WhatsApp: 054-6688681 office@nimrodi.co.il

Shlomo Nimrodi, CPA — licensed by the Auditors Council of Israel since 1997