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June 11, 2012 12:29 pm

Israeli Billionaire May Leave Country to Avoid High Taxes

avatar by Algemeiner Staff

Benny Steinmetz. Photo: Israel Sun via Forbes.

Benny Steinmetz, the Israeli billionaire whose family amassed their wealth in the diamond industry, is reportedly considering a move to Europe following a dispute with the Israel Tax Authority.

Steinmetz, the founder of BSG Investments – which owns real estate, diamond mines and metal ore mines, mainly in Africa and in Russia – has stated that he would like to move to Switzerland, while Israeli authorities claim he owes taxes as a resident of Israel.

Globes reports that Steinmetz’s family has objected to his desire to move from Netanya, which is just north of Tel Aviv.

Steinmetz’s mother was born in Switzerland, while his father immigrated to Israel from Poland following World War II.

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