Billionaire's exit: What prompted this UK tycoon's move to the UAE?

Nik Storonsky, co-founder of the privately held digital banking app Revolut, has officially changed his residency from the UK to the United Arab Emirates ( UAE), according to corporate filings reported by Forbes. This move makes Storonsky the latest billionaire to leave the UK amid changing tax regulations.

Revolut, valued at $45 billion in 2024 according to a Reuters report, offers a range of banking services through its app. Storonsky, 41, who was born in Russia, is one of the UK’s richest individuals. Forbes estimates his stake in Revolut, which he co-founded in 2015, to be worth over $7.9 billion. He continues to serve as the CEO and largest shareholder of the company.

Residency change amid tax policy shifts

Storonsky’s relocation follows the UK government’s decision earlier this year to abolish the non-domiciled (non-dom) tax status. This status had allowed foreign nationals to exempt overseas income from UK taxes for up to 15 years, a tax break that made London attractive to wealthy global individuals for nearly two centuries.

Despite changing his official residence to the UAE, Storonsky still maintains a residence in the UK but spends much of his time in the UAE, according to a report by The Gulf News.

Corporate filings and regulatory context

UK Companies House filings show that Storonsky’s official residence was England until October 16, 2024, after which it was updated to the UAE. The filings specify residence but do not confirm any change in citizenship.

Revolut has faced regulatory challenges in the UK. Despite a review lasting over 15 months, the Bank of England has yet to grant the fintech a full UK banking license, slowing its growth domestically. Conversely, the UAE has been more welcoming: earlier this year, the Central Bank of the UAE granted Revolut in-principle approval for two key licenses, positioning the company for a full launch of digital payments and stored-value services.