Martin Gilbert, chairman of fintech firm Revolut, holds a residence permit in the canton of Zug. This emerges from local corporate records filed in connection with the December 2025 incorporation of "Revolut Swiss NewCo SA."
Gilbert has chaired Revolut's board since 2019 and remains tax resident in the United Kingdom with no relocation plans, according to informed sources. The disclosure comes amid a broader exodus of wealthy Britons abroad. CEO Nikolay Storonsky relocated his residence to Dubai in October 2024. Revolut declined to comment on Gilbert's personal arrangements.
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Swiss business grows exponentially
Revolut is recording exceptional growth in Switzerland. The digital bank now serves over 1 million retail customers in the country—approximately one in six Swiss residents aged 20 to 64 uses the app. In the first quarter of 2025, the platform processed 53.1 million transactions. This represents nearly a doubling compared to the 27.7 million in the prior-year quarter.
The company currently operates via its Lithuanian banking license (Revolut Bank UAB). It also maintains a FINMA-authorized representative office called "Revolut (Switzerland) AG" since July 2024. Around half of all transactions now occur domestically. Growth occurred without major marketing campaigns, primarily through word of mouth.
Revolut is pursuing a full Swiss banking license according to unconfirmed reports. The incorporation of the Swiss entity could be connected to this. The firm is also expanding into the private banking segment for clients with over $1 million in liquid assets. It is conducting exploratory talks with Blackstone regarding an asset management partnership.
Zug as magnet for fintech and crypto elites
The canton of Zug has established itself as the "Crypto Valley" with over 1,100 blockchain companies. Tax policy is a key attraction factor: Zug has one of Switzerland's lowest corporate tax burdens, levies no capital gains tax on private crypto investments, and charges comparatively moderate wealth taxes. The Ethereum Foundation and numerous other leading crypto institutions are based there.
Gilbert founded Aberdeen Asset Management in 1983 and led the firm for 34 years until its merger with Standard Life in 2017. Today he also serves as a board member at Swiss commodities group Glencore. His dual residence—tax UK, physical presence partly Switzerland—follows a common pattern among wealthy business leaders who leverage international mobility.
British wealth exodus intensifies
The United Kingdom lost 10,800 millionaires in 2024 according to estimates. This represents a 157 percent increase compared to 2023. For 2025, analysts project 16,500 departures. The trigger is the abolition of non-dom status from April 2025. This allowed wealthy foreigners to pay no tax on foreign income for up to 15 years. The government is also introducing higher capital gains taxes and inheritance taxes on worldwide assets.
Studies dispute the scale of this exodus narrative. Data from the UK tax authority HMRC shows according to the Financial Times: The outflow is within official projections. The Tax Justice Network describes the Henley & Partners estimates as potentially "fabricated." Even 16,500 departures represent less than 1 percent of the over 3 million British millionaires.
Finance Minister Rachel Reeves nevertheless announced adjustments in Davos in January 2025. She had "listened to concerns from the non-dom community." The government plans to make the transitional arrangement for repatriating foreign assets more generous. Prominent figures are relocating simultaneously: steel magnate Lakshmi Mittal (Switzerland/Dubai) and tech entrepreneur Herman Narula (Dubai).
Implications for Swiss fintech hub
Gilbert's Zug residence underscores Switzerland's attractiveness as a financial center for international executives. For Revolut, presence in the Crypto Valley offers strategic advantages: access to crypto expertise, regulatory clarity from FINMA, and an ecosystem of over 1,100 blockchain firms. A potential Swiss banking license would enable Revolut to operate independently of the Lithuanian license. Consequently, the firm could expand its product offering.
The planned private banking division and Blackstone talks signal a strategic shift. Revolut targets wealthier customer segments. With 53.1 million transactions in the first quarter of 2025 alone, Revolut Switzerland commands a massive user base. The combination of an established mass market and emerging wealth management ambitions thus positions Revolut as a serious challenger to traditional Swiss private banks.
