Billionaire Nik Storonsky shifts residency from UK to UAE amid global expansion

Nik Storonsky, billionaire co-founder and CEO of Revolut, has officially moved his residency from the United Kingdom to the United Arab Emirates, according to new filings submitted to the UK’s Companies House.

The update, published on Tuesday, reflects the change in residency status for Storonsky’s family company and marks a significant development for the head of Europe’s most valuable financial technology firm. Storonsky, who remains Revolut’s largest shareholder, has taken the step as the company awaits final approval for its long-anticipated UK banking licence and weighs options for a potential public listing.

His relocation coincides with a broader trend among wealthy individuals leaving the UK following the abolition of the country’s long-standing “non-domiciled” tax regime — a policy that had allowed residents to avoid paying tax on overseas income. Many high-net-worth individuals have opted for more favourable tax jurisdictions such as the UAE.

Storonsky, born in Russia and now a British citizen, renounced his Russian nationality after the full-scale invasion of Ukraine. He has spent considerable time in the UAE in recent years. According to the Companies House filings, his registered residence remained in England until October 16, 2024.

While he continues to own a home in the UK and is expected to travel there frequently for work, Storonsky’s official move underlines Revolut’s growing strategic interest in the Gulf region. The company, founded in London in 2015 by Storonsky and Vlad Yatsenko, has grown into a global fintech leader with more than 65 million users worldwide.

Revolut has been in the “mobilisation” phase of its UK banking licence since receiving approval last year — a stage that typically lasts 12 months and limits deposits to £50,000. However, that period has extended beyond the standard timeframe, with both the company and the Bank of England’s Prudential Regulation Authority (PRA) emphasising that the process can vary in duration.

Efforts by Chancellor Rachel Reeves to facilitate discussions between Revolut and the Bank of England have so far been unsuccessful, as BoE Governor Andrew Bailey reportedly declined a proposed meeting to preserve regulatory independence.

Despite regulatory delays in the UK, Revolut has reinforced its commitment to the country with the opening of a new London headquarters and a £3 billion investment pledge. At the same time, the company is rapidly strengthening its footprint in the UAE.

In September, the Central Bank of the UAE granted Revolut a “stored value facilities and retail payment services licence,” enabling it to expand its operations and services in the Emirates. The fintech is also planning to boost local hiring and is exploring the potential acquisition of a UAE-based bank to accelerate its regional growth.

With Revolut’s valuation currently estimated at $75 billion and the potential to double if it reaches $150 billion, Storonsky stands to gain a multibillion-dollar windfall as he leads the company through its next phase of expansion from his new base in the UAE.