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Is there a law to be implemented January of 2014 that will hold a % of the money you can send out of the US and will there be a limit on the amount you can send out of the US?

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No such law in existence or planning. There are no limits on what you can transfer in or out of the USA, as long as you're not doing tax evasion/money laundering, or violating embargo laws against specific countries and organizations.


Explanation why Rob's answer is wrong:

  1. There's no, and never has been, withholding requirement when transferring money between own accounts.

  2. FATCA doesn't impose any new withholding. It reinforces the existing 30% withholding requirement, and suggests that the 30% withholding requirement may supersede treaty positions. Generally internal legislation cannot supersede international treaties, so I'm very skeptical about the US Gov't ability to enforce this.

  3. 30% withholding on payments to foreign people/entities has always been there. It's not new. Certain payments that are income sourced in the US and being remitted to foreign payees is subject to 30% withholding (unless treaty says otherwise). There's nothing new about it, been like that forever.

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  • Proviso: Most countries require you to report movement > $10,000 in or out. They won't stop it, but it allows police to sniff around for drug money. – Chris Cudmore Oct 24 '13 at 20:31
  • I'd appreciate the downvoter to comment. – littleadv Oct 27 '13 at 6:53
  • @Rob again, we're dealing with personal finance, and it is safe to assume (unless otherwise mentioned) that the OP is talking about transferring own money, not payment to vendors. Even then - FATCA doesn't add anything, just makes stricter (and unenforcable) rules. See the comment I made to your incorrect and misleading answer. – littleadv Oct 27 '13 at 9:05
  • And @Rob for future reference - if you downvote something, do make an effort to at least try to explain your position. Otherwise it looks as if you're just trying to push your incorrect and misleading answer up. As I'm sure was your intention, being totally wrong and all. – littleadv Oct 27 '13 at 9:07
  • @Rob again - wrong. The 30% withholding requirement was always there. At least since the last IRC went into effect. The forms were there, the reporting was there. FATCA is targetting the banks, it changes nothing for individuals except for maybe some new forms to report on the taxes and more headache if you have accounts oversees. No new taxes, no new withholding. Personal transfers are not taxed, never have been, and will not be now. Transferring between own accounts is not subject to witholding. Remitting payments to others - is, has always been. – littleadv Oct 27 '13 at 9:14

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