Interior Minister (Likud) Gideon Saar has signed a new regulation which will compel owners of ‘ghost apartments’ to pay double arnona property tax. This refers to homes that are not lived in, commonly owned by foreigners who purchase holiday apartments for investment purposes and vacation visits. The hope is that the increase in the property tax will encourage homeowners to rent their properties.

Following Saar’s signature, Finance Minister (Yesh Atid) Yair Lapid will have to sign and then the regulation must be approved by the Knesset Finance Committee. It appears the new regulation will be in effect for a year or two, after which it will be evaluated once again.

(YWN – Israel Desk, Jerusalem)