<ul><li>The Trump administration's plan to impose a 5% tax on outbound remittances is causing concern among Indian expats in the US, including professionals like Ankita.</li><li>The tax, set to come into effect in June as part of the One Big Beautiful Bill, could lead to financial strain for expats already dealing with high living costs and visa uncertainties.</li><li>The measure does not specify a minimum transaction threshold but offers an exemption for verified US citizens/nationals. India received a significant portion of remittances from the US in 2023.</li><li>The new tax may prompt Indian professionals to consider alternative countries like Canada or the UK for employment opportunities, impacting sectors like real estate and startups that rely on NRI investments.</li></ul>

Trump’s 5% remittance tax may drive Indian expats out of the US

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