Olim Finance

Aliyah Financial Checklist: 30-Day Plan for American Olim

pillar · Personal Finance · last updated 2026-07-01

Aliyah Financial Checklist: 30-Day Plan for American Olim

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or tax advice.

Day 1–7: Don't break anything

  • [ ] Inventory existing accounts — list every US brokerage, retirement

    • account, bank account, credit card, employee stock plan, trust.

  • [ ] Log in to every account while you still have a clean US address

    • on file.

  • [ ] Pause autopayments to US subscriptions; many US firms will close

    • accounts on address change.

Day 8–14: Banking

  • [ ] Keep your US bank account open for at least 6 months. Many

    • Israeli banking tasks require a US account for ACH/wire.

  • [ ] Open a Wise account for daily USD↔ILS conversions — cheaper

    • than most Israeli banks (~$5 average vs $30 for wire).

  • [ ] Update your address with US brokerage via a US address service

    • such as a family member, Earth Class Mail, or iPostal1. - Important: this address is for mail, not a tax residence election.

Day 15–21: Investments

  • [ ] Decide what to do with your Keren / TASE holdings — see our

    • PFIC article.

  • [ ] Open IBKR — best brokerage for US citizens abroad.
  • [ ] Decide on IRA exit strategy:

    • - Leave US IRA untouched (tax-deferred growth continues). - Roll to Roth IRA if eligible (low-income year is a great time).

  • [ ] Update beneficiary designations in all US accounts (Roth IRA,

    • IBKR, employer plan).

  • [ ] Run a once-only Meshulam Ben-Yakar check for US 401k / pension

    • rollovers as these are not the same as IRAs.

Day 22–30: Tax & compliance

  • [ ] Open a folder (digital, e.g. Google Drive) for:

    • - All US brokerage statements (download PDF monthly). - Wise transaction history. - Israeli bank statements (for the US return preparation).

  • [ ] Identify your US tax advisor — preferably an Enrolled Agent (EA) or

    • CPA who specializes in US persons abroad. Annual fee $500–$1,500 typical.

  • [ ] Decide FEIE vs FTC for the current year (use software modeling).
  • [ ] Set calendar reminders for FBAR (Apr 15) and Form 8621 (with 1040).

The 12-month cash position

Most Olim underestimate the first-year cash reserve they need. A reasonable rule:

  • 3 months of Israeli living expenses in a stable shekel account.
  • 1 month of US obligations (US bank card, US subscriptions) in USD.
  • $1k–$3k set aside for US CPA + bookkeeping fees.

Common traps to avoid

  1. Cashing out a US 401(k) and moving the money abroad → 30% withholding

    2. + 10% early withdrawal penalty = ~$10k+ lost on a $25k balance.

  2. Forgetting FBAR if your Israeli bank account ever tipped $10k.
  3. Filing married-filing-joint when only one spouse has a Social Security

    4. number.

  4. Renouncing US citizenship in year 1 — a heavy decision; mostly never

    5. required for tax purposes if you file correctly.

CTA

Open IBKR as your US brokerage backbone and get the 7-day paperwork sprint done now.

[BUTTON: Open IBKR Account] [BUTTON: Get the PDF version of this checklist]

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Next step: if you have a US brokerage open in Israel and need to lock in tax-compliant investing — read our full IBKR guide.

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