“…Since before Israeli independence and until quite recently, residents of Palestine and, later, Israel were subject to both a heavy tax burden (Morag 1967, 73–76, 79; Yoran 1990, 740–41; Yitzhaki 2005; Nissim 2005; Suary and Paserman 2005, 260–62) and a heavy burden of regulatory restrictions on transactions involving foreign parties, as well as on Israelis' holding foreign currency locally and holding assets of any type abroad (Barkai 2004, 81–82; Michaely 2004). Israelis holding of assets, capital and income, abroad required, until the late 1990s, a permit from the foreign currency control department at the Bank of Israel.…”