Revolut Chairman Is Listed as Swiss Resident in Local Filings

(Bloomberg) — Revolut Ltd. Chairman Martin Gilbert has disclosed a long-standing residency in Switzerland, according to local company filings related to the setting up of a new unit of the global fintech firm.

Gilbert, who has chaired the London-headquartered fintech since 2019, holds a Swiss residence permit in the canton of Zug, known for its low taxes, according to documents from last month related to the establishment of the entity, Revolut Swiss NewCo SA.

Gilbert, formerly founder and chief executive officer of Aberdeen Asset Management, remains a tax resident of the UK with no plans to relocate, people familiar with the matter said. Revolut declined to comment on his personal arrangements.

The disclosure is the latest reminder of the mobility of the business elite. Such disclosures are drawing increasing scrutiny against a backdrop of wealthy UK figures shifting domicile to escape reforms that would increase their taxation.

Revolut has been able to run its Swiss operation through its Lithuanian license. It currently offers cards, payments, current accounts and trading in the country. The fintech is also seeking a full banking license in Switzerland, Bloomberg previously reported.

Revolut’s “focus remains on delivering a seamless app-based experience that fits naturally into how people in Switzerland live, work, and travel, while collaborating closely with the Swiss regulator and operating in line with local requirements and standards,” a spokesperson for Revolut said in a statement.

It comes as the firm makes moves into private banking, and is recruiting junior investment bankers and money managers, while holding exploratory talks with Blackstone Inc. to offer its funds via the fintech’s platform.

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