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New bill on international money transfers

Should we expect a new tax on international money transfers? On May 22, the House of Representatives narrowly passed the 鈥淥ne Big Beautiful Bill Act.鈥� Behind the grand name is a proposed 3.5% tax on money sent from the US to other countries. The bill states that the tax would apply even if the sender and recipient are the same person鈥攁 significant blow to many expats who regularly send money to relatives abroad or transfer funds to their own foreign accounts (which is legal, as long as tax authorities are informed).

At face value, the law would apply to all non-U.S. citizens. Green Card holders (permanent residents) would not be exempt. US citizens living abroad are also urged to be cautious. If the law is enacted, they would need to prove their citizenship before making transfers鈥攐r risk being taxed.

The bill also introduces other measures aimed at foreigners, including a $1,000 fee for asylum applications and the removal of the child tax credit for some expatriates. Republicans argue these stricter rules would make immigration services 鈥渟elf-sufficient.鈥� They're working to get the bill passed by July 4.

Making social media public to get a visa?

A new measure requires some visa applicants to remove privacy settings from their social media accounts. This concerns applicants for non-immigrant J, F, and M visas (student visas). While the administration has lifted the freeze on student visa issuance, it has also tightened screening procedures. A detailed review of social media profiles is now considered a matter of 鈥渘ational security.鈥� Authorities argue this helps verify applicants' identities and confirms that they are genuine students. The executive branch justifies this move by pointing out that such verifications have been in place since 2019.

US embassies have already started enforcing the new directives. From now on, applicants must disclose every name they have used on each social media platform. They are also required to list all platforms they have used over the past five years. Refusing to make one's profile 鈥減ublic鈥� could be grounds for visa denial.