The 60-second version
Bahamas custody exit needs redeem holdings, depot termination, and BSD SWIFT to NRE before India tax residency.
Local or nominee custody — Bahamas holdings settle in BSD
Capital Union Securities / Butterfield Custody provide equity and fund custody — obtain holding statement before termination.
Redeem units 30+ days before departure — BSD settlement must clear before bank closure.
Bank lane: Bahamas bank guide after custody zero.
Bahamas custody wind-down
| Account | Currency | Step |
|---|---|---|
| Capital Union Securities | BSD | Redeem + close |
| Fund admin | BSD | Redemption confirm |
| Linked bank | BSD | Close after depot |
| NRE | INR/USD | SWIFT receipt |
Closure
Inventory
List holdings.
Redeem
Sell funds.
Tax stmt
Admin summary.
BSD wire
SWIFT to NRE.
Schedule FA
Last FY asset.
Flow
Bahamas custody kit
- Holding stmt.
- Redemption confirms.
- Closure letter.
- SWIFT.
- Passport copy.
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US nominee
Many Bahamas accounts hold US-listed ETFs via Miami correspondent — close US brokerage guide if account sits onshore.
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Local exchange?
May use local exchange or bank nominee — verify on holding statement.
Schedule FA?
Declare foreign financial asset in last FY held.
FBAR?
US person — FinCEN 114 if aggregate > USD 10K.
vs bank?
Close bank after custody zero — see Bahamas bank guide.
CG tax?
India may tax on sale in overlap year — Form 67 if foreign tax paid.
Trust?
Trustee must sign if legal owner is trust.
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