The transfer of the money overseas is not taxed. However, once the money is in a foreign account you are required to file certain reports every year. If your foreign accounts have a total value of more than $10,000 you must file an FBAR. If your foreign accounts have a total value of more than $50,000 you must file a FATCA report. The penalties for not filing the required reports are severe. See the following pages on the IRS web site for some basic information to start familiarizing yourself with the reporting rules.
Report of Foreign Bank and Financial Accounts (FBAR)
FATCA Information for Individuals
Summary of FATCA Reporting for U.S. Taxpayers
