Revolut co-founder Nik Storonsky moves tax residency from UK to UAE

Revolut’s co-founder and chief executive, Nik Storonsky, has changed his residence from the UK to the United Arab Emirates, new filings at Companies House revealed.

The change was listed on the UK's corporate registry on Tuesday as part of an update to the records of Storonsky's family investment company.

Storonsky, who remains Revolut's largest shareholder, made the switch as the UK government's decision to scrap its long-standing non-domicile tax regime continues to drive wealthy residents towards more favourable jurisdictions, such as Dubai and Abu Dhabi.

Under the previous "non-dom" framework, individuals living in Britain but claiming a permanent domicile abroad could avoid UK taxes on overseas income and capital gains.

Its abolition has led to a growing exodus of high-net-worth entrepreneurs and executives.

Regulatory uncertainty

The residency change comes at a crucial moment for Revolut, Europe's most valuable fintech, last valued at $75 billion, as the company remains in the final stages of securing a full UK banking licence.

The group obtained regulatory authorisation in 2024 but remains in a limited "mobilisation phase", restricting its banking arm to £50,000 in deposits until full approval is granted.

Mobilisation periods typically last around 12 months, but Revolut’s has exceeded that timeframe. The Bank of England’s Prudential Regulation Authority (PRA) and the company have both said there is no fixed deadline for completion.

Efforts by Chancellor Rachel Reeves to convene a meeting between Revolut executives and Bank of England Governor Andrew Bailey earlier this year reportedly failed, amid concerns over regulatory independence.

Despite the delay, Revolut has publicly reaffirmed its commitment to the UK market. It recently opened a new London headquarters and pledged to invest £3 billion in Britain over the coming years.

Expansion in the Gulf

Storonsky’s relocation also coincides with Revolut’s accelerated expansion in the Gulf. The company received a "stored value facilities and retail payment services licence" from the UAE's central bank in September, enabling it to broaden its payments offering in the Emirates.

Revolut is reportedly planning to scale up its local hiring and is exploring options to acquire a bank in the UAE to fast-track growth in the region.

The fintech counts Abu Dhabi's sovereign wealth fund, Mubadala, among its investors.

Storonsky, born in Russia, renounced his Russian citizenship following Moscow’s 2022 invasion of Ukraine. He holds British citizenship and has continued to divide his time between London and Dubai, sources close to the company said.

While the Companies House filing lists his new residency as the UAE, Storonsky is expected to maintain his UK base and continue frequent work trips to London.