Israel on Monday approved an agreement with the United States, in terms of which citizens of each country will be able to receive a work permit in the other, under certain conditions, on the strength of an investment.
The agreement was announced Monday by the Israel-America Chamber of Commerce.
"The agreement is very good news for Israeli companies, especially start-ups which until now did not meet the criteria for receiving work permits in the U.S., as well as for commercial real estate investors and other commercial people," the chamber said in its announcement.
The chamber's Zvi Ken-Tor said that the agreement, by allowing business people to invest in both markets, would lead to a substantial expansion of commercial ties between Israel and the U.S. and the creation of additional jobs.
Israelis who qualify will receive an American E2 permit, which is normally awarded for an initial five years with an option to extend. Significantly, spouses will receive an immediate and unlimited work permit.
American citizens investing in Israel will receive temporary residence permits. Until now, a foreign citizen was unable to gain a work permit in Israel on the basis of investment.