If you’ve been thinking about moving money overseas, now’s a smart time to act. With some foresight, you can take advantage of favorable exchange rates and stay ahead of any policy shifts that could restrict your options.
That’s important, because Washington is floating new proposals that could make it harder for Americans to move money out of the country. One recent example: a bill that just passed the House includes a provision that directly targets international fund transfers, and it could have serious consequences for expats and global investors.
Americans living abroad already face tougher rules than those at home. If you keep your money in the U.S., the IRS doesn’t ask about your bank accounts. But if you live overseas, you’re required to report them—or face steep penalties that could exceed your account balance.
Buried deep in the “One Big Beautiful Bill” passed in May—so deep many lawmakers likely missed it—is a clause that threatens to make life even harder for those of us living internationally.
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