Revolut’s Storonsky switches residency back to UK after filing mistake

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

In October, a Companies House filing from Storonsky’s family office changed his address to the UAE, leading to “concern” from UK regulators, according to the Financial Times.

However, the family office has now amended that filing, changing his residency back to the UK. Storonsky was born in Russia but is a British citizen.

In an interview last month, cited by the FT, the Revolut chief called stories about his switch to the UAE “fake news,” adding that he splits his time between the UK, Europe, Dubai, and Latin America.

“From the family office’s point of view, since I’m also a director, they used my Dubai address for correspondence,” he explained.

The FT notes that Revolut has not previously said that the UAE residency filing was made in error or tried to correct media reports about the change.

The initial reports of a move in October led regulators to seek assurances from Revolut, reports the FT. In 2024, the fintech giant finally secured a UK banking license after a three year wait but it is still stuck in a “mobilisation” period.

UK chancellor Rachel Reeves has reportedly clashed with Bank of England governor Andrew Bailey over efforts to accelerate Revolut’s authorisation as a fully-licenced bank, with Reeves eager to see the fintech get the greenlight as soon as possible.

Reports that Storonsky had left the UK also raised concerns about the country’s attractiveness to entrepreneurs, coming in the wake of another fintech billionaire, Checkout.com boss Guillaume Pousaz, switching his country of residence from the UK to tax haven Monaco.

Other super-rich residents have also left in the wake of changes to the UK’s non-dom regime and increased taxes on capital gains, which were introduced by Reeves as part of 2024’s Budget.