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Verdict
Yes — you can hold Israel and Italy citizenship simultaneously.
Israel
Dual citizenship policy
Permitted — Israel allows dual citizenship.
Italy
Dual citizenship policy
Permitted — Italy allows dual citizenship (Law 91/1992).
Both Israel and Italy permit dual citizenship. You can acquire, hold, and use both passports simultaneously without legal restrictions.
This assessment is based on each country's current nationality law. Dual citizenship rules can change — always verify with the relevant consulate or an immigration attorney before making decisions about renunciation or acquisition.