The 60-second version
Barbados custody exit needs redeem holdings, depot termination, and BBD SWIFT to NRE before India tax residency.
No local exchange — Barbados custody is bank or US broker nominee
Republic Bank Custody / CIBC FCIB Wealth provide fund and bond custody — obtain holding statement before termination.
Redeem units 30+ days before departure — BBD settlement must clear before bank closure.
Bank lane: Barbados bank guide after custody zero.
Barbados custody wind-down
| Account | Currency | Step |
|---|---|---|
| Republic Bank Custody | BBD | Redeem + close |
| Fund admin | BBD | Redemption confirm |
| Linked bank | BBD | Close after depot |
| NRE | INR/USD | SWIFT receipt |
Closure
Inventory
List holdings.
Redeem
Sell funds.
Tax stmt
Admin summary.
BBD wire
SWIFT to NRE.
Schedule FA
Last FY asset.
Flow
Barbados custody kit
- Holding stmt.
- Redemption confirms.
- Closure letter.
- SWIFT.
- Passport copy.
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US nominee
Many Barbados accounts hold US-listed ETFs via Miami correspondent — close US brokerage guide if account sits onshore.
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Local exchange?
No — custody via bank or US/UK broker nominee.
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 Barbados 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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