Revolut Founder's Residency Flip-Flop: Storonsky Back in UK After Brief Dubai Filing Sparks Regulatory Scrutiny

In a surprising administrative reversal, Revolut founder and CEO Nikolay Storonsky has confirmed his residency remains in the United Kingdom, despite a recent corporate filing that briefly suggested a move to Dubai. The correction comes amid intense regulatory scrutiny over the $75 billion fintech's long-pending application for a full UK banking licence.

Corporate records for Storonsky Family Ltd, the billionaire's family office, were updated on October 7 to list the United Arab Emirates as his country of residence. That filing, which was published in October, was widely interpreted as a significant blow to the UK's financial prestige and to Chancellor Rachel Reeves, following a trend of wealthy entrepreneurs relocating abroad.

The move reportedly blindsided officials at the Bank of England and the Financial Conduct Authority (FCA), who are in the final stages of assessing Revolut's application for a licence that would allow it to offer full-scale lending and protected deposits. Regulators swiftly demanded an explanation from the company.

However, on the very same day, an updated document was filed to correct what was described as a "trivial inaccuracy," reinstating the UK as Storonsky's residence. This corrected filing was only made public this month. A Revolut spokesman stated that Storonsky divides his time between the UK and other key international markets, reflecting the company's global operations, and that there has been no change to his role or his official UK registration.

The episode highlights the heightened sensitivity around Revolut's regulatory journey. The company first applied for a UK banking licence over five years ago and has been in a provisional "mobilisation phase" for 18 months—exceeding the typical one-year timeline. Storonsky, 41, has been an outspoken critic of UK regulators and the London stock market's appeal to tech firms.

Analyst & Public Reaction:

"This isn't just a paperwork error; it's a symptom of the fraught relationship between high-growth fintechs and traditional regulators," said Michael Chen, a financial technology analyst at Albion Ventures. "The prolonged licensing process creates uncertainty, and every move by the founder is magnified."

"It's a farce. First he flees, then he's back? This looks like someone testing the waters after the non-dom rule changes, only to find the regulatory heat too high," commented Sarah Pendleton, a columnist for The Financial Digest, voicing a sharper, more cynical take. "It erodes trust at a critical moment. Regulators should see this as a red flag, not a clerical oversight."

"As a Revolut user, I'm more concerned about the banking licence than his postcode," shared David Okoro, a small business owner from Manchester. "The service works globally. I just want the security of a full UK bank guarantee behind my deposits."

The Treasury declined to comment on individual tax affairs. The Bank of England and the FCA did not provide additional statements.