The 60-second version
British Virgin Islands bank exit needs zero balance NOC, USD SWIFT to NRE, Schedule FA for last FY, and work-permit cancellation if applicable.
USD wires to NRE — obtain written closure NOC before cancelling work permit
FirstCaribbean BVI / VP Bank BVI serve Road Town finance and reinsurance payroll — stop direct debits and wait for final salary credit.
USD SWIFT to NRE needs FEMA Form A2 and purpose code at Indian AD bank — retain FIRC for seven years.
Tax lane: tax residency guide for British Virgin Islands payroll exit and RNOR overlap.
British Virgin Islands bank wind-down
| Bank | Currency | Step |
|---|---|---|
| FirstCaribbean BVI | USD | Written closure |
| VP Bank BVI | USD | Zero balance |
| Correspondent | USD | SWIFT trail |
| NRE | INR/USD | FIRC receipt |
Closure
Stop debits
Cancel cards and mandates.
Final payroll
Wait for credit.
USD wire
SWIFT to NRE.
Closure NOC
Zero balance letter.
Schedule FA
Last FY account.
Flow
British Virgin Islands bank kit
- Passport.
- Work permit cancel.
- Account stmt.
- Closure NOC.
- SWIFT receipt.
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BVI uses USD — no local currency conversion on wire to NRE.
BVI uses USD — no local currency conversion on wire to NRE.
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FBAR?
US person — FinCEN 114 if aggregate foreign accounts > USD 10K.
Schedule FA?
Declare in last FY you held foreign account.
Form 67?
Typically not needed if no foreign income tax — confirm with CA.
Brokerage?
Close custody before linked bank — see brokerage guide.
TCS inbound?
Large SWIFT may attract TCS at AD bank — verify rate.
Retention?
Keep NOC and SWIFT 7 years Indian + 10 years US/UK.
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