diff --git a/doc/release-notes.md b/doc/release-notes.md
--- a/doc/release-notes.md
+++ b/doc/release-notes.md
@@ -3,3 +3,5 @@
   <https://download.bitcoinabc.org/0.20.12/>
 
 This release includes the following features and fixes:
+ - The `unloadwallet` RPC is now synchronous, meaning that it blocks until the
+   wallet is fully unloaded.
diff --git a/src/init.cpp b/src/init.cpp
--- a/src/init.cpp
+++ b/src/init.cpp
@@ -260,10 +260,10 @@
         LogPrintf("%s: Unable to remove pidfile: %s\n", __func__, e.what());
     }
 #endif
+    interfaces.chain_clients.clear();
     UnregisterAllValidationInterfaces();
     GetMainSignals().UnregisterBackgroundSignalScheduler();
     GetMainSignals().UnregisterWithMempoolSignals(g_mempool);
-    interfaces.chain_clients.clear();
     globalVerifyHandle.reset();
     ECC_Stop();
     LogPrintf("%s: done\n", __func__);
diff --git a/src/wallet/init.cpp b/src/wallet/init.cpp
--- a/src/wallet/init.cpp
+++ b/src/wallet/init.cpp
@@ -366,7 +366,11 @@
 }
 
 void UnloadWallets() {
-    for (const std::shared_ptr<CWallet> &pwallet : GetWallets()) {
-        RemoveWallet(pwallet);
+    auto wallets = GetWallets();
+    while (!wallets.empty()) {
+        auto wallet = wallets.back();
+        wallets.pop_back();
+        RemoveWallet(wallet);
+        UnloadWallet(std::move(wallet));
     }
 }
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -3957,16 +3957,8 @@
     if (!RemoveWallet(wallet)) {
         throw JSONRPCError(RPC_MISC_ERROR, "Requested wallet already unloaded");
     }
-    UnregisterValidationInterface(wallet.get());
 
-    // The wallet can be in use so it's not possible to explicitly unload here.
-    // Just notify the unload intent so that all shared pointers are released.
-    // The wallet will be destroyed once the last shared pointer is released.
-    wallet->NotifyUnload();
-
-    // There's no point in waiting for the wallet to unload.
-    // At this point this method should never fail. The unloading could only
-    // fail due to an unexpected error which would cause a process termination.
+    UnloadWallet(std::move(wallet));
 
     return NullUniValue;
 }
diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -60,6 +60,13 @@
 //! Close all wallets.
 void UnloadWallets();
 
+//! Explicitly unload and delete the wallet.
+//  Blocks the current thread after signaling the unload intent so that all
+//  wallet clients release the wallet.
+//  Note that, when blocking is not required, the wallet is implicitly unloaded
+//  by the shared pointer deleter.
+void UnloadWallet(std::shared_ptr<CWallet> &&wallet);
+
 bool AddWallet(const std::shared_ptr<CWallet> &wallet);
 bool RemoveWallet(const std::shared_ptr<CWallet> &wallet);
 bool HasWallets();
@@ -942,6 +949,8 @@
           chainParams(chainParamsIn) {}
 
     ~CWallet() {
+        // Should not have slots connected at this point.
+        assert(NotifyUnload.empty());
         delete encrypted_batch;
         encrypted_batch = nullptr;
     }
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -88,12 +88,52 @@
     return nullptr;
 }
 
+static Mutex g_wallet_release_mutex;
+static std::condition_variable g_wallet_release_cv;
+static std::set<std::string> g_unloading_wallet_set;
+
 // Custom deleter for shared_ptr<CWallet>.
 static void ReleaseWallet(CWallet *wallet) {
+    // Unregister and delete the wallet right after
+    // BlockUntilSyncedToCurrentChain so that it's in sync with the current
+    // chainstate.
+    const std::string name = wallet->GetName();
     wallet->WalletLogPrintf("Releasing wallet\n");
     wallet->BlockUntilSyncedToCurrentChain();
     wallet->Flush();
+    UnregisterValidationInterface(wallet);
     delete wallet;
+    // Wallet is now released, notify UnloadWallet, if any.
+    {
+        LOCK(g_wallet_release_mutex);
+        if (g_unloading_wallet_set.erase(name) == 0) {
+            // UnloadWallet was not called for this wallet, all done.
+            return;
+        }
+    }
+    g_wallet_release_cv.notify_all();
+}
+
+void UnloadWallet(std::shared_ptr<CWallet> &&wallet) {
+    // Mark wallet for unloading.
+    const std::string name = wallet->GetName();
+    {
+        LOCK(g_wallet_release_mutex);
+        auto it = g_unloading_wallet_set.insert(name);
+        assert(it.second);
+    }
+    // The wallet can be in use so it's not possible to explicitly unload here.
+    // Notify the unload intent so that all remaining shared pointers are
+    // released.
+    wallet->NotifyUnload();
+    // Time to ditch our shared_ptr and wait for ReleaseWallet call.
+    wallet.reset();
+    {
+        WAIT_LOCK(g_wallet_release_mutex, lock);
+        while (g_unloading_wallet_set.count(name) == 1) {
+            g_wallet_release_cv.wait(lock);
+        }
+    }
 }
 
 static const size_t OUTPUT_GROUP_MAX_ENTRIES = 10;