Ted Arison
Encyclopedia
Ted Arison was an Israeli-American businessman who co-founded Norwegian Cruise Lines in 1966 with Knut Kloster
and founded Carnival Cruise Lines
in 1972.
Born in Tel Aviv
as Theodore Arisohn in the then British Mandate of Palestine, he was a third-generation Israeli
of Romania
n descent, who studied commerce and economics at the American University of Beirut
. He fought in the Jewish Brigade
of the British Army
during World War II
. He moved to the United States
in the early 1950s and created Carnival Cruise Lines
in 1972 in which he made his fortune.
Later, he established the National Foundation for Advancement in the Arts
based in Miami. He brought professional basketball to South Florida with the forming of the Miami Heat
in 1988, and established the philanthropic Arison Foundation in Israel
and the United States
.
In 1990, he renounced his U.S. citizenship, in an effort to avoid Estate tax in the United States
and returned to Israel and founded Arison Investments. In 1997 he headed a consortium that purchased the controlling share in Bank Hapoalim
for more than $1 billion, the largest privatization
deal in Israel's history. His children include Micky Arison
and Shari Arison
.
However, at the time of his death in 1999, Ted Arison failed by approximately 9 months to meet the requirement of being outside of United States territory for 10 years for the tax benefits of his renunciation of U.S. citizenship to be realized.
Knut Kloster
Knut Utstein Kloster , is a Norwegian shipping magnate.His grandfather Lauritz Kloster founded Kloster Rederi in 1924.In 1959 Kloster joined the family business and transformed it to a leading cruise line....
and founded Carnival Cruise Lines
Carnival Cruise Lines
Carnival Cruise Lines is a British-American owned cruise line, based in Doral, Florida, a suburb of Miami in the United States. Originally an independent company founded in 1972 by Ted Arison, the company is now one of eleven cruise ship brands owned and operated by Carnival Corporation & plc...
in 1972.
Born in Tel Aviv
Tel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
as Theodore Arisohn in the then British Mandate of Palestine, he was a third-generation Israeli
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
of Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n descent, who studied commerce and economics at the American University of Beirut
American University of Beirut
The American University of Beirut is a private, independent university in Beirut, Lebanon. It was founded as the Syrian Protestant College by American missionaries in 1866...
. He fought in the Jewish Brigade
Jewish Brigade
The Jewish Infantry Brigade Group was a military formation of the British Army that served in Europe during the Second World War. The brigade was formed in late 1944, and its personnel fought the Germans in Italy...
of the British Army
British Army
The British Army is the land warfare branch of Her Majesty's Armed Forces in the United Kingdom. It came into being with the unification of the Kingdom of England and Scotland into the Kingdom of Great Britain in 1707. The new British Army incorporated Regiments that had already existed in England...
during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. He moved to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in the early 1950s and created Carnival Cruise Lines
Carnival Cruise Lines
Carnival Cruise Lines is a British-American owned cruise line, based in Doral, Florida, a suburb of Miami in the United States. Originally an independent company founded in 1972 by Ted Arison, the company is now one of eleven cruise ship brands owned and operated by Carnival Corporation & plc...
in 1972 in which he made his fortune.
Later, he established the National Foundation for Advancement in the Arts
National Foundation for Advancement in the Arts
The National Foundation for Advancement in the Arts honors the most talented high school seniors, or, more specifically, American students in the 17-18 year-old age bracket, in the performing, visual and literary arts through the YoungArts program...
based in Miami. He brought professional basketball to South Florida with the forming of the Miami Heat
Miami Heat
The Miami Heat is a professional basketball team based in Miami, Florida, United States. The team is a member of the Southeast Division in the Eastern Conference of the National Basketball Association . They play their home games at American Airlines Arena in Downtown Miami...
in 1988, and established the philanthropic Arison Foundation in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
In 1990, he renounced his U.S. citizenship, in an effort to avoid Estate tax in the United States
Estate tax in the United States
The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property...
and returned to Israel and founded Arison Investments. In 1997 he headed a consortium that purchased the controlling share in Bank Hapoalim
Bank Hapoalim
Bank Hapoalim is Israel’s largest bank. As of 31 December 2008 it had total consolidated assets of NIS 306.85 billion. The Bank has a significant presence in global financial markets. In Israel, the Group has over 260 full-service branches, eight regional business centers, and industry desks...
for more than $1 billion, the largest privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
deal in Israel's history. His children include Micky Arison
Micky Arison
Micky Arison is an Israeli-American businessman of Romanian Jewish ancestry, and Chief Executive Officer of Carnival Corporation, the world's largest cruise operator, and owner of the NBA's Miami Heat....
and Shari Arison
Shari Arison
Shari Arison is an Israeli-American businesswoman and Israel's wealthiest woman. She is the owner of several businesses, the largest among them Bank Hapoalim....
.
However, at the time of his death in 1999, Ted Arison failed by approximately 9 months to meet the requirement of being outside of United States territory for 10 years for the tax benefits of his renunciation of U.S. citizenship to be realized.