Online gaming solutions provider Playtech Cyprus Ltd. (AIM:PTEC) controlling shareholder Tedy Sagi has returned to Israel for one year. At the end of that time he will decide whether to carry on living permanently in the country.
During his time in Israel, Sagi will be able to take advantage of new tax breaks given to returning residents and new immigrants, and he will not be required to report income earned overseas.
For the time being, Sagi, 37, who is worth an estimated $900 million, is living with his parents in Tel Aviv Akirov Towers. However, he is looking to rent an apartment in Tel Aviv or possibly by the Herzliya Marina.
Sagi recently concluded a dispute with the Israel Tax Authority regarding the value of Playtech. Sources close to Sagi say that this agreement has paved the way for him to be able to return to Israel if he so decides.
Sagi left Israel in late 2003 and has since spent most of his time in London and Cyprus.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2010
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