Another billionaire quits UK and moves to UAE: 41-year-old Revolut founder joins exodus

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Nik Storonsky, co-founder of digital banking app Revolut, is the latest billionaire to leave the UK. Storonsky has officially changed his residency from the UK to the United Arab Emirates (UAE), according to corporate filings reported by Forbes.

FILE PHOTO: Nikolai Storonsky, Founder & CEO of Revolut speaks during the Web Summit, a technology conference, in Rio de Janeiro, Brazil, May 2, 2023. REUTERS/Pilar Olivares/File Photo(REUTERS)

Russia-born Nikolay “Nik” Storonsky, 41, is one of the UK’s richest men. According to a Forbes estimate, his stake in Revolut, which he cofounded in 2015, is now worth over $7.9 billion. Storonsky remains the CEO of Revolut as well as its largest shareholder.

From the UK to UAE

The co-founder of Revolut has joined a growing wave of ultra-wealthy individuals leaving the UK, following the government’s decision earlier this year to scrap a lucrative tax break.

In April, the British government ended the non-domiciled (non-dom) tax status, which had allowed foreign nationals to shield overseas income from UK taxes. This 200-year-old rule had made London a magnet for the global elite, enabling them to avoid UK taxes on foreign earnings for up to 15 years.

(Also read: ‘Britain has gone to hell’: Why one of UK's richest billionaires left London and moved to UAE)

According to a report in The Gulf News, Storonsky still maintains a residence in the UK. However, he spends much of his time in the UAE.

According to filings at the UK Companies House, his official residence until October 16, 2024 was England and he held British citizenship. After that, it changed to the UAE. The updated filing only shows his residence, not his citizenship.

Revolut’s relationship with UK regulators has been rocky. Despite more than 15 months of review, the Bank of England has not yet granted the fintech a full UK banking license.

This delay has slowed Revolut’s growth in the UK, even as it continues expanding internationally.

In contrast, the UAE has welcomed Revolut. Earlier this year, the Central Bank of the UAE gave in-principle approval for two key licences, allowing the company to prepare for a full launch of digital payments and stored-value services, Gulf News reported.

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