The 60-second version
Falkland Islands bank exit needs zero balance NOC, GBP SWIFT to NRE, Schedule FA for last FY, and work-permit cancellation if applicable.
GBP wires to NRE — obtain written closure NOC before cancelling work permit
Standard Chartered Stanley / FIC Bank serve Stanley finance and reinsurance payroll — stop direct debits and wait for final salary credit.
GBP 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 Falkland Islands payroll exit and RNOR overlap.
Falkland Islands bank wind-down
| Bank | Currency | Step |
|---|---|---|
| Standard Chartered Stanley | GBP | Written closure |
| FIC Bank | GBP | Zero balance |
| Correspondent | GBP | SWIFT trail |
| NRE | INR/USD | FIRC receipt |
Closure
Stop debits
Cancel cards and mandates.
Final payroll
Wait for credit.
GBP wire
SWIFT to NRE.
Closure NOC
Zero balance letter.
Schedule FA
Last FY account.
Flow
Falkland Islands bank kit
- Passport.
- Work permit cancel.
- Account stmt.
- Closure NOC.
- SWIFT receipt.
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Falkland pound is pegged 1:1 to GBP — wire GBP to NRE or convert at AD bank.
Falkland pound is pegged 1:1 to GBP — wire GBP to NRE or convert at AD bank.
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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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