{"id":13023,"date":"2025-10-08T04:30:18","date_gmt":"2025-10-08T04:30:18","guid":{"rendered":"https:\/\/fintechnews.ae\/?p=28082"},"modified":"2025-10-08T04:30:18","modified_gmt":"2025-10-08T04:30:18","slug":"revolut-co-founder-nik-storonsky-relocates-to-uae-after-uk-tax-rule-change","status":"publish","type":"post","link":"https:\/\/mena-fintech.org\/demo\/revolut-co-founder-nik-storonsky-relocates-to-uae-after-uk-tax-rule-change\/","title":{"rendered":"Revolut Co-founder Nik Storonsky Relocates to UAE After UK Tax Rule Change"},"content":{"rendered":"

Nik Storonsky, co-founder of the digital banking app Revolut<\/a>, has become the latest billionaire to relocate from the UK following the government\u2019s decision to scrap a long-standing tax break earlier this year.<\/p>\n

According to Forbes<\/a>, Storonsky now lists the UAE as his place of residence in a UK corporate filing for his family office, released on 7 October.<\/p>\n

The filing shows that he moved his residence from the UK in October 2024.<\/p>\n

Forbes estimates that Storonsky\u2019s stake in Revolut, founded in 2015 alongside Vlad Yatsenko, is worth over US$7.9 billion, with the London-based fintech reportedly in talks to raise funds at a US$65 billion valuation.<\/p>\n

Storonsky\u2019s move marks one of the most high-profile exits by ultra-wealthy individuals from the UK since the government abolished the special tax privileges for so-called non-domiciled residents.<\/p>\n

The 200-year-old rule had allowed the global elite to avoid UK taxes on overseas earnings for up to 15 years, turning London into a hub for affluent foreign residents.<\/p>\n

Chancellor Rachel Reeves abolished the non-dom rule in April, a move that has prompted a wave of departures among founders and investors.<\/p>\n

Since then, Egyptian billionaire Nassef Sawiris, investor Christian Angermayer, and property magnates Ian and Richard Livingstone have all changed their country of residence, according to UK corporate filings.<\/p>\n

Bloomberg reported<\/a> in June that around 4,400 business leaders had filed paperwork indicating plans to move overseas within the past year.<\/p>\n

The UK tax authority, HMRC, has downplayed the impact of the reform, which was intended to generate \u00a33.6 billion in additional tax revenue.<\/p>\n

Data from HMRC shows that only 400 of the 74,100 individuals with non-dom status left the country in the year prior to the change.<\/p>\n

Storonsky\u2019s departure comes less than a month after Revolut unveiled its new global headquarters in London\u2019s Canary Wharf.<\/p>\n

The company is reportedly exploring a rare dual listing in London and New York.<\/p>\n

As the UK\u2019s most valuable startup, Revolut\u2019s latest reported valuation surpasses some of the country\u2019s largest banks, as well as international rivals such as Nubank, listed on the New York Stock Exchange.<\/p>\n

Storonsky\u2019s ties to Dubai have deepened over the past year, with the Revolut co-founder speaking at several events in the city.<\/p>\n

Revolut opened an office in Dubai last year and secured<\/a> a license to operate in the UAE in September.<\/p>\n

Abu Dhabi\u2019s Mubadala sovereign wealth fund also took a stake <\/a>in the company in 2024.<\/p>\n

Forbes further reported that Storonsky has been building a portfolio of luxury properties and resorts through a new travel venture named Utopia Design.<\/p>\n

In June, Revolut told <\/a>Forbes that Storonsky remained a UK tax resident and was only travelling to the UAE to support the company\u2019s regional expansion.<\/p>\n

Born in Russia, Storonsky moved to the UK to work as a trader for Lehman Brothers and later Credit Suisse before cofounding Revolut in 2015.<\/p>\n

He renounced his Russian citizenship following the invasion of Ukraine in 2022 and now reportedly holds British and French citizenship.<\/p>\n

 <\/p>\n

Featured image credit: Edited by Fintech News Middle East, based on image by frantic<\/a> via Freepik and Revolut<\/a><\/em><\/p>\n

The post Revolut Co-founder Nik Storonsky Relocates to UAE After UK Tax Rule Change<\/a> appeared first on Fintechnews Middle East<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nik Storonsky, co-founder of the digital banking app Revolut, has become the latest billionaire to relocate from the UK following the government\u2019s decision to scrap a long-standing tax break earlier this year. According to Forbes, Storonsky now lists the UAE as his place of residence in a UK corporate filing for his family office, released […]<\/p>\n

The post Revolut Co-founder Nik Storonsky Relocates to UAE After UK Tax Rule Change<\/a> appeared first on Fintechnews Middle East<\/a>.<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175,206,310],"tags":[],"class_list":["post-13023","post","type-post","status-publish","format-standard","hentry","category-abu-dhabi","category-dubai","category-revolut"],"_links":{"self":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/13023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/comments?post=13023"}],"version-history":[{"count":1,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/13023\/revisions"}],"predecessor-version":[{"id":13024,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/13023\/revisions\/13024"}],"wp:attachment":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/media?parent=13023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/categories?post=13023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/tags?post=13023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}