Nik Storonsky’s Relocation to UAE: A Strategic Move Amid UK Tax Reforms

Nik Storonsky, the billionaire co-founder and CEO of Revolut, has officially changed his residency from the UK to the  United Arab Emirates (UAE) due to the recent filings with the Companies House of the UK.  

Moreover, this step aligns with a broader trend of wealthy people relocating after the abolition of the UK of the non-domiciled (non-dom) tax regime. In addition, this change has become a big personal and strategic shift for one of the most prominent tech entrepreneurs in Europe. 

Nik Storonsky: Background and Motivations

Nik Storonsky is originally from Russia and is now a British citizen. However, he co-founded Revolut in 2015, which is a fintech company that has grown rapidly. Yet,  the recent changes in the UK tax laws have forced many affluent people to reconsider their residency. 

Previously, the non-dom status allowed residents to avoid UK taxes on overseas income for up to 15 years. However, this law was abolished in April 2024. So, this reform has led to an exodus of high-net-worth people who are looking for a favorable tax environment. 

A Strategic Move Driven by UK Tax Reforms

As we mentioned above, the relocation of Nik Storonsky comes in the wake of the abolition of the non-domiciled (non-dom) tax regime in the UK. However, it was the two-century-old policy to avoid paying taxes on their overseas income for up to 15 years. 

Plus, British Chancellor Rachel Reeves introduced this reform in April 2024. Hence, it has triggered a wave of wealthy people and business founders leaving the UK for more tax-friendly jurisdictions like the UAE.

According to data cited by Bloomberg, around 4,400 business leaders have filed the paperwork to change their residency in the past years. Plus, billionaires Nassef Sawiris, Christian Angermayer, and property developers Ian and Richard Livingstone have already applied for this change. 

On the other hand, the UK Treasury predicted that the tax reform would generate around $3.6 billion in new revenue. However, it also sparked fears of a “talent and capital flight” from the startup ecosystem of London.

Storonsky’s Growing UAE Connection

The move of Storonsky to the UAE is not only about the tax benefits. Moreover, it shows the growth of the strategic footprint of Revolut in the Middle East. In addition, the fintech company was co-founded in 2015 with Vlad Yatsenko. Now, it has over 65 million users globally and is continuously growing. 

Revolut obtained a stored value facility and retail payment service from the Central Bank of the UAE in September 2025. Moreover, the company has also opened an office in Dubai and has expanded hiring. Plus, it is reportedly exploring acquisitions to fast-track its growth in the Gulf Market. 

Abu Dhabi’s sovereign wealth fund, Mubadala, became an investor in Revolut last year. Hence, it empowers the role of the UAE as an emerging fintech hub. Plus, it strengthens ties between the digital bank and the Emirates’ financial ecosystem.

Maintaining a UK Presence Amid Expansion

Despite changing his residency, Storonsky is expected to retain a home in the UK. In addition, he will closely work with the Revolt team in London. Recently, the company inaugurated a new global headquarters in Canary Wharf. Plus, he pledged to invest £3 billion in the UK over the coming years.

On top of that, Revolut’s UK banking licence gained a long three-year negotiation with the Bank of England. Still, that licence is in the mobilisation phase. However, it allows limited deposit activities and awaits full authorization. Still, an industry insider suggests that the ongoing discussions between the company and regulators have been delayed. Yet, the company is fully committed to its British operation. 

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