Billionaire Revolut founder switches residence from Dubai back to UK

The billionaire founder of Revolut has switched his residency back to Britain after appearing to have moved to Dubai.Nikolay Storonsky’s family office has filed new corporate records to disclose that he is a resident in the UK, not the United Arab Emirates (UAE), as an earlier document had stated.The previous filing, published in October and suggesting that Mr Storonsky had moved to the UAE, was seen as a huge blow to Rachel Reeves and the latest in a billionaire exodus from Britain.It also blindsided financial officials weighing whether to grant Revolut a full banking licence, prompting them to demand an explanation from the $75bn (£55bn) fintech company.Mr Storonsky has said he spends some time in Dubai but does not live there permanently. He has consistently been listed as a UK resident in Revolut’s corporate filings.The 41-year-old, worth £10bn, according to Bloomberg’s Billionaires Index, has been a frequent critic of regulators and the London stock market.Storonsky Family Ltd, his family office, updated Mr Storonsky’s details on Oct 7 to change his stated country of residence from the UK to the UAE.The filing prompted a string of media reports and left regulators dumbfounded, who are assessing whether Revolut should be granted a long-awaited licence that would allow it to issue loans and offer protected customer deposits.Officials at the Bank of England and the Financial Conduct Authority reportedly sought answers from Revolut about why they had not been informed of the move.On the same day as the filing, Mr Storonsky’s office issued an updated document, described as being used to correct “trivial inaccuracies”. However, the document was not published until this month.Revolut currently holds a banking licence on a provisional basis, known as a “mobilisation phase”, which limits lending and deposit-taking. The process typically takes no more than a year, but the company has been in the mobilisation phase for 18 months.The company first applied for a banking licence more than five years ago.A Revolut spokesman said: “Revolut operates across 40 markets, and our CEO, Nikolay Storonsky, divides his time across the UK and our key international regions, reflecting the global nature of the business.“There has been no change to his role or responsibilities at Revolut, and his registered details at Companies House remain in the UK.”The Treasury said it did not comment on the tax affairs of individuals. The Bank of England did not comment. The FCA was contacted for comment.