Tel Aviv has a reputation as a worldwide leader in technological and scientific advancement. The high-tech center of Israel, it was once described as a 'miniature Los Angeles' by the Economist magazine, and is fast becoming known as a second Silicon Valley. The area is largely deficient in natural resources, resulting in a noticeable concentration of innovative, tech based start-up companies.
Aside from technology, its major sectors are finance, business, and research, with links to the textile, chemical, and food manufacturing industries. Tel Aviv is home to the only stock exchange in Israel. Its portfolio, comprised of over 25% tech and bio-medical firms, cements the city’s role as both a global leader in ingenuity, and as Israel's financial capital.
Tel Aviv is often found among the 20 most expensive cities for international visitors, and has the highest cost of living for expats in the Middle East according to data compiled by Mercer in 2014.
An expat searching for work in Tel Aviv could consider teaching English as a foreign language. There is a high demand for this skill due to the large amounts of English speaking Jewish people who have chosen to settle in Israel. The beginning of the school term is the best time to look for vacancies, and accommodation will usually be provided with a school job. Private tuition is also widely sought after and many adverts can be found in the Calcalist and Maariv newspapers.
Learning Hebrew will dramatically increase chances of securing a job locally, and it is usually counterproductive to begin looking for a job too long before your arrival in Israel (scouting between two–four months before a move should position foreigners for optimum success).
There are exceptions — such as multinational relocation — but thorough research of the desired industry up to six months before relocation is recommended to help ease the transition for expats. Work can often also be sourced with one’s embassy in Israel, on job sites like janglo.net, or at one of the frequent trade fairs in the city.
There is no local income tax in Israel; however, the law stipulates that residents must pay tax on all sources of income, including those overseas. Jewish expats will be entitled to a near 100% reduction on income tax for the first year and a half of their stay, followed by a significantly reduced tax rate for the next three and a half years.
Corporate tax is around 26.5%, while individual taxation is between 10– 50%, dependent on income. Taxes are deducted at source by the employer, and include National Insurance contributions. There are several tax collection offices in Tel Aviv, including several at Derech Menachem Begin and one on Prats Street.