Nik Storonsky, the co-founder and CEO of digital banking fintech Revolut, has officially moved his residency from the UK to the United Arab Emirates (UAE), according to UK Companies House filings and corporate disclosures. This relocation follows the UK government’s scrapping of the non-domiciled (non-dom) tax regime earlier in 2025, a nearly 200-year-old tax break that had allowed wealthy foreign nationals to shield overseas income from UK taxes. The abolition of this rule has prompted a wave of ultra-rich individuals and CEOs to leave the UK in search of more favorable tax environments.
Revolut’s Growth Challenges and UAE Expansion:
Despite Revolut’s establishment of its global headquarters in London and ongoing operations in the UK, the company has encountered regulatory delays in obtaining a full UK banking license. After more than 15 months under review by the Bank of England, Revolut remains in the “mobilisation” phase, slowing its UK growth plans. In contrast, the UAE has warmly welcomed Revolut, granting in-principle approvals for key licenses, paving the way for the fintech’s full launch of digital payments and stored-value services across the Gulf region. Storonsky’s relocation closely aligns with Revolut’s strategic intent to expand in promising international markets, particularly the Middle East.
Wealth and Residency Details:
Storonsky, a 41-year-old Russia-born British billionaire, is one of Britain’s wealthiest entrepreneurs. According to Forbes, his shareholding in Revolut is worth an estimated $7.9 billion, making him a major figure in the global fintech landscape. While he officially changed his residency to the UAE in October 2024, filings show that he still maintains a residence in the UK and holds British citizenship. The residency change does not indicate a citizenship change; however, he has expressed spending most of his time in the UAE following the shift.
Revolut Gears Up for UAE Launch Amid Expansion Plans:
Revolut is actively working toward launching its full suite of services in the UAE following in-principle approval of key licenses from the UAE Central Bank in September 2025. The fintech plans to offer competitive exchange rates, cross-border and domestic remittances, and debit card issuance, targeting the UAE’s large expatriate population with tailored financial products. Emphasizing financial inclusion and enhanced customer experiences, Revolut aims to provide Arabic language support and leverage advanced technology in anti-money laundering and compliance frameworks. With a vision to expand rapidly in emerging markets, Revolut’s UAE launch aligns with its broader strategy to tap into the Middle East and Asia-Pacific regions, reinforcing its global footprint beyond the UK. This move not only supports Revolut’s ambitious growth targets but also reflects the UAE’s emergence as a key fintech hub due to its favorable regulatory environment and diverse population.
Rising Trend of Billionaire Exodus from the UK:
Nik Storonsky’s action fits with a larger pattern of ultra-wealthy people leaving London as a result of the removal of valuable tax breaks. Along with Storonsky, other well-known exiles include well-known UK real estate tycoons Ian and Richard Livingstone, investor Christian Angermayer, and Egyptian millionaire Nassef Sawiris, who have also moved abroad. The UK’s attraction as a destination for international billionaires has changed as a result of business and individual recalculations of tax obligations and residency perks brought about by Chancellor Rachel Reeves’ removal of the non-dom tax classification. This pattern shows the continuous difficulties British fiscal policy faces in maintaining its position as a financial center for the richest people in the globe.
