Nikolay Storonsky, the billionaire founder and CEO of fintech giant Revolut, has formally switched his residency from the United Kingdom to the United Arab Emirates (UAE), under filings at the UK’s Companies House. The switch, taken as of October 2024, comes after the UK government moved to scrap a beneficial tax arrangement on non-domiciled residents, forcing some high-net-worth individuals to rethink their tax and residency status.
Background and Reasons for Relocation
Storonsky, born in Russia but a British citizen today, has been a high-profile character in the fintech industry in the UK. He co-founded Revolut in 2015, and in his tenure, the fintech company has risen to become the most valuable fintech company in Europe, worth an estimated $75 billion recently. Storonsky directly or indirectly owns over 25% of Revolut.
The UK’s abolition of the non-domiciled (non-dom) tax status, which enabled high-net-worth individuals to restrict their UK tax bills, has prompted a spate of relocations by the wealthy. The UAE, with its beneficial tax regime, has proved a magnet for such individuals. Storonsky’s move is in line with this wider trend.
Implications for Revolut
In spite of his relocation, Storonsky is still heavily committed to Revolut. He still has a major stake in the business and has a UK residence, showing that he is committed to the UK market. Financial Times
Revolut has just doubled down on its commitment to the UK by pledging a £3 billion investment over five years and a new 1,000 jobs. The firm also launched its global headquarters in London in September 2025, which was hosted by Chancellor Rachel Reeves.
The Times
Yet Storonsky’s move also underscores difficulties for the UK in keeping high-net-worth individuals and business people. The abolition of the non-dom tax status by the government has been criticized by some, who say it will push talent and investment overseas.
Broader Context
Storonsky’s action is part of a wider trend of rich investors fleeing the UK after tax policy changes. The UAE has become a preferred destination because it offers tax benefits and a pro-business environment. This development has sparked doubts over the competitiveness of the UK in attracting and retaining international investment and talent.
Overall, Storonsky’s move to the UAE, therefore, can be viewed not just as a selfish financial choice but as an indicator of deeper issues surrounding the tax policies in the UK and how they affect high-net-worth individuals and corporations. As Revolut keeps pushing its expansion internationally, Storonsky’s action can contribute to the perception of the UK as an unattractive hub for international fintech firms.
