Nikolay Storonsky, the 41-year-old billionaire co-founder and CEO of fintech giant Revolut, has officially changed his residency from the United Kingdom to the United Arab Emirates. This move, recorded in a UK Companies House filing, marks him as the latest high-profile entrepreneur relocating amid shifting tax policies in the UK.
Storonsky’s decision aligns with a broader trend of wealthy individuals leaving the UK following the abolition of the non-domiciled (non-dom) tax regime, which previously allowed ultra-wealthy individuals to avoid paying UK tax on foreign income and capital gains. The UAE’s tax policies, including zero capital gains and income tax, provide a more favorable environment for high-net-worth individuals.
Born in Russia, Storonsky co-founded Revolut in 2015. Under his leadership, Revolut has grown into Europe’s most valuable fintech firm, valued at $75 billion, serving over 65 million customers globally. Despite his relocation, Storonsky retains a UK home and continues to actively lead Revolut’s operations, which include plans to expand to 30 additional markets.
Storonsky’s move underscores the growing trend of wealthy entrepreneurs seeking tax-friendly jurisdictions and highlights the competitive global landscape for retaining business leaders. It also draws attention to the UK’s evolving tax policies and their impact on attracting global talent, while Revolut continues to invest heavily in its UK operations.
Reference: Reuters
