How much choice is needed for the transfer principle?

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To construct the hyperreals via ultrapower the Boolean prime ideal theorem apparently suffices. However, to prove the transfer principle for the extension $\mathbb{R}\subset{}^\ast\mathbb{R}$ apparently a stronger version of choice is needed. Does anybody have the details?

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The transfer principle, if I understand your question correctly, is the localized version of Łoś theorem for ultraproducts.

How much choice is needed in general for Łoś theorem? It was shown that BPI+Łoś imply choice over $\sf ZF$. But in models where there are no free ultrafilters, Łoś theorem is trivially true.

If you localize it to the case of $\Bbb R$ with the language of ordered rings, and only consider ultrapowers by $\Bbb N$ as an index set, then the answer is probably going to be something like "It is sufficient that Łoś theorem holds for ultrapowers of $\Bbb R$ by free ultrafilters - which are assumed to exist - over $\Bbb N$".

It's a disappointing answer, I agree.

If you want something sufficient and not optimal, then $|\Bbb R|=\aleph_1$ would certainly suffice.