The 60-second version
Hong Kong brokerage exit needs sell holdings, tax summary, depot termination letter, and HKD SWIFT to NRE before India tax residency.
Sell depot holdings before bank closure — Hong Kong CG may apply on non-resident exit
HSBC InvestDirect, BOCHK, and Futu HK provide securities custody — obtain annual tax statement before depot termination.
Plan sell orders 45+ days ahead — HKD-denominated funds need settlement before wire.
MPF is separate — Hong Kong bank guide after depot zero; no stamp duty on HK listed equity for non-resident seller.
Hong Kong depot wind-down
| Institution | Tax doc | Step |
|---|---|---|
| Depot | CG stmt | Sell + close |
| Funds | HKD NAV | Redeem |
| Linked bank | HKD | Close after depot |
| NRE | INR/HKD | SWIFT receipt |
Closure
Sell
Liquidate holdings.
Tax
CG if required.
Close depot
Termination letter.
Wire HKD
SWIFT to NRE.
Schedule FA
Last FY foreign asset.
Flow
Hong Kong brokerage kit
- Trade confirms.
- Tax summary.
- Closure letter.
- SWIFT.
- Passport copy.
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Linked custody
Close depot before linked bank — bank may block closure with open securities account.
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Schedule FA?
Declare depot in last FY you held foreign brokerage.
FBAR?
US person — FinCEN 114 if account aggregate > USD 10K.
Form 8938?
US person — FATCA if specified foreign financial asset thresholds met.
DTAA?
Model CG in India ITR with Form 67 foreign tax credit.
Linked bank?
Close HKD account only after depot zero.
Trust depot?
Trustee must sign if legal owner is trust.
Your NRE account redesignation has a deadline.
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