Nik Storonsky, the billionaire founder and Chief Executive Officer (CEO) of Revolut, has officially corrected his residency status after an administrative error previously listed him as a resident in the United Arab Emirates (UAE). The updated filing now clearly identifies him as a resident of the United Kingdom (UK), automatically nullifying the earlier UAE designation.
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Revolut CEO Clears UAE Filing Error
In October 2025, Storonsky came under scrutiny by British regulators after his family office, Storonsky Family Ltd, filed a document listing his country of residence as the UAE. The unexpected disclosure raised immediate red flags and concerns from both the UK Financial Conduct Authority (FCA) and the Bank of England.
The concerns stemmed largely from the lack of prior communication about such a significant change, particularly as Revolut was in the process of securing a full UK banking license. Storonsky, who became a British citizen after renouncing his Russian passport in 2022, quickly rejected claims that he had ever relocated from the UK to Dubai. He dismissed the media reports as “fake news,” acknowledging that the UAE designation was likely due to an administrative error.
The Truth Behind Storonsky’s Residency Filing Mixup
When asked last month about the filing mishap last month, Storonskly explained that, since he spends most of his personal and work time in the UK and Dubai, the issue may have resulted from administrative practices within his family office, which likely used his Dubai correspondence address as his residence. He noted that Revolut recently opened a large branch office in Dubai, where he typically stays for about three to four months each year. The CEO also highlighted that the private company has offices worldwide, including in the U.S. and Latin America, where he also spends significant time.
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