$124 Million in JCT Shares Remain Unclaimed in Israel
If you recently discovered that a grandparent or great-grandparent purchased shares in the Jewish Colonial Trust (JCT), you are not alone. Across the globe, families are learning that shares bought over a century ago—often by relatives who perished in the Holocaust or who emigrated under difficult circumstances—still carry real monetary value today.
At Aharoni Law, we routinely help heirs navigate the process of redeeming these dormant assets through Israeli probate courts. This guide explains what JCT shares are, why so many remain unclaimed, and the concrete steps your family can take to recover them.
What Is the Jewish Colonial Trust?
The Jewish Colonial Trust (JCT) was established in London in 1899 by Theodor Herzl as the financial arm of the Zionist movement. Herzl envisioned the Trust as a bank that would fund Jewish settlement in Ottoman Palestine, and he structured it as a public company with authorized capital of £2,000,000 divided into £1 shares. The goal was simple: every Jew who supported the Zionist cause could become a shareholder.
Approximately 400,000 shares were ultimately issued to around 80,000 named shareholders spread across Europe, the Americas, and the Middle East. In 1902, the JCT established its most significant subsidiary—the Anglo-Palestine Company—which eventually became the Anglo-Palestine Bank and, in 1950, was renamed Bank Leumi Le-Israel, one of Israel’s largest banks today.
Why Do So Many Shares Remain Unclaimed?
Two corporate actions dramatically affected JCT shareholders. In 1955, a capital reduction decreased the value of each share to one-eighth of its original worth. Then, in 1980, the JCT was formally dissolved: remaining shares were canceled, and their value was converted into a right to receive a proportional distribution of the Trust’s assets, which by then consisted primarily of Bank Leumi stock and cash.
The problem? Tens of thousands of original shareholders—especially Holocaust victims and Jews from Eastern Europe—never redeemed their shares or even knew about these corporate events. Their families often had no record of the investment at all. Today, approximately 180,000 named shares worth an estimated $124 million remain unclaimed.
Who Manages These Unclaimed Shares?
The unclaimed JCT funds are held and managed by the Israeli Guardian General through a dedicated division, the Unit for the Location and Restitution of Unclaimed Property. This government unit actively searches for heirs worldwide and often contacts families directly by mail, providing a clear pathway and support for claiming your inheritance.
If you or a family member received such a letter, we recommend reading our guide: What to Do If You Got a Letter About Unclaimed Property in Israel.
Differences Between Bearer Shares vs. Named Shares
Understanding which type of share your family holds is the critical first step.
- Bearer Shares (Blank Certificates): These certificates were not registered in the name of any particular individual. If your family possesses a physical bearer share certificate, redemption is relatively straightforward—you present the original certificate to the Guardian General’s office. The certificate itself is proof of ownership.
- Named Shares (Registered Certificates): These shares were recorded in the name of a specific individual. To redeem them, the heir must prove a chain of inheritance linking them to the original shareholder. This requires one or more Israeli probate orders—a process that is often far more involved than families expect.
The Israeli Probate Requirement: Why Foreign Orders Are Not Enough
This is the point where many heirs encounter unexpected difficulty. The Guardian General’s office requires an Israeli probate order (tzav kiyum tzava’a or tzav yerusha) to verify heirship. A probate order from the United States, Canada, the United Kingdom, or any other country will not be accepted as a substitute.
The Israeli probate process can seem complex, especially for those unfamiliar with it. We inform our clients about this requirement at the outset of the engagement so they can plan accordingly and understand the steps involved and what to expect.
For a detailed explanation of how this process works, see our article: The Probate Process in Israel.
Multiple Probate Orders for Multi-Generational Claims
When the original shareholder passed away several generations ago, a single probate order was rarely enough. The heir must carefully trace the inheritance chain through each generation, obtaining a separate Israeli probate order at each step. We have managed claims requiring 10 or more sequential probate orders, demonstrating the complexity involved and the importance of expert legal assistance in navigating this process confidently.
For example, if your great-grandfather was the original JCT shareholder, you may need: (a) a probate order confirming your great-grandfather’s heirs, (b) a second order confirming which of those heirs passed their share onward, (c) a third order confirming the next generation, and so on until the chain reaches you. Each order requires its own filing, supporting documentation, and—in some cases—a hearing before an Israeli Registrar of Inheritance or a Family Court.
Learn more about Inheritance Law in Israel.
Step-by-Step: How to Redeem JCT Shares
- Search the Guardian General’s Database. Contact the Unit for the Location and Restitution of Unclaimed Property to check whether a family member’s name appears in the JCT shareholder registry. You can also search through the Guardian General’s online portal.
- Gather Family Documentation such as death certificates, birth certificates, marriage certificates, wills, and any original share certificates your family may still possess. Having these documents ready can significantly streamline the process and improve your chances of a successful claim.
- Engage an Israeli Attorney at our firm. Because Israeli probate is mandatory and foreign orders are not accepted, you will need legal representation in Israel. An experienced firm can prepare and file the necessary probate applications, coordinate with the Israeli courts, and communicate with the Guardian General’s office on your behalf.
- Obtain Israeli Probate Order(s). Your attorney will file a succession or probate application for each generation in the chain of inheritance. This can involve coordinating with the Israeli Registrar of Inheritance Affairs, the Family Court, and, where relevant, the rabbinical courts.
- Submit the Redemption Claim. Once all probate orders are in hand, your attorney submits the redemption claim to the Guardian General’s Unit, together with the probate chain and any share certificates. The Unit reviews the documentation and, upon approval, disburses the funds.
- Address Tax and Compliance Obligations. If you are a U.S. or Canadian resident, receiving funds from Israel may trigger reporting obligations under FATCA and other tax regulations. We advise heirs to consult with a cross-border tax professional early in the process.
Read more about FATCA implications in our article: Implementing FATCA by Israeli Banks.
What We’ve Seen in Practice
Our firm regularly handles Bank Leumi dormant accounts, unclaimed Israeli property claims, and multi-generational inheritance cases involving historic Zionist-era assets. Based on this experience, here are several patterns we have observed:
- Families often discover JCT shares while researching other dormant Israeli assets, such as accounts at Bank Leumi or Bank Hapoalim. We encourage clients to conduct a comprehensive unclaimed property search from the beginning, rather than pursuing claims one at a time.
- The generational chain is often the most complex part of the case. When original shareholders died in the Holocaust, documentation can be scarce. We have experience working with Yad Vashem records, JRI-Poland databases, and community archives to build the evidentiary chain.
- Coordinating across jurisdictions is essential. Because the heirs are often in the U.S., Canada, Europe, or elsewhere, while the courts and the Guardian General’s office are in Israel, the process requires a firm that can operate efficiently in both systems. Our offices in Beverly Hills, New York, Miami, and Tel Aviv allow us to manage this seamlessly.
- Heirs should be prepared for a timeline of months, not weeks. Multi-generational probate chains take time. We set clear expectations with clients from the start and provide regular updates throughout the process.
What Our Clients Say
The challenges of redeeming historic Israeli assets are real, and our clients’ experiences reflect the complexity—and the reward—of seeing these cases through:
“Rahav did a great job helping us get our inheritance from Bank Hapoalim. After several failed attempts and many sleepless nights… we were desperate. Then we hired Rahav, and he handled it very honestly, professionally and efficiently.” — ProvenExpert Review (5.00/5.00)
“He accomplished what over 40 years of family fighting couldn’t solve.” — ProvenExpert Review (5.00/5.00)
“I faced the daunting task of handling my late father’s probate in Israel while living in the United States… The case was resolved efficiently and successfully.” — ProvenExpert Review (5.00/5.00)
Read more client references.
A Note from Our Founder & Israeli Attorney
The Jewish Colonial Trust represents a remarkable chapter in Jewish and Zionist history. Many of the original shareholders were ordinary people who invested a single pound to support a dream—and in some cases, that investment was one of the last financial acts they made before their lives were upended by war and persecution.
I take these cases personally. When a family contacts us about JCT shares, they are not just seeking to recover money. They are reconnecting with a piece of their family’s history. It is a privilege to help them do so.
If you believe your family may have JCT shares or other unclaimed assets in Israel, I encourage you to reach out. We will give you an honest assessment of your situation and a clear roadmap for moving forward.
Rahav D. Aharoni, Adv.
Founder, Aharoni Law Firm
Israel Bar Association Lic. No. 47409, since 2007 | 20+ years of experience in Israeli inheritance, succession & real estate law
Contact An Experienced Israeli Lawyer at Our Firm
If your family holds or may hold Jewish Colonial Trust shares, Bank Leumi dormant accounts, or any other unclaimed assets in Israel, Aharoni Law can help. We offer consultations to families worldwide and provide honest, upfront guidance on the strength of your claim and the steps involved.
Learn more about our work in Locating Unclaimed & Abandoned Property in Israel.
