The Knesset plenum approved Monday evening the second and third readings a bill which calls to amend the Israeli Economic Recovery Law so that taxes would not be levied on foreign investors who are US citizens, their spouses or specialists who would work within the company that will be established by the investor, or within an existing Israeli company wherein the investor has invested.

Fifty-eight MKs supported the legislation in the third and final vote. None opposed, and six abstained.

The legislation also calls to change the definition of ”foreign worker” so that it does not include foreign investors, their spouses and specialists who work on their behalf, who have received visas under the Citizenship and Entry into Israel Law.

The accompanying notes to the bill state that ”in accordance with the government`s decision regarding an arrangement for the issuing of temporary residence permits for investors who are citizens of the United States and their essential expert employees, as well as for members of their family, is has been determined that in order for the arrangement regarding the issuing of E-2 visas to Israeli citizens in the United States to go into effect, a similar arrangement must be applied in Israel regarding citizens of the United States.”