Revolut’s co-founder and CEO, Nik Storonsky, has officially relocated his residency from the United Kingdom to the United Arab Emirates. Originally born in Russia, Storonsky had previously claimed the UK as his home, where he held British citizenship until last October. Recent filings with Companies House indicate this shift to the UAE, though information regarding his current citizenship status remains unreported.
Since co-founding Revolut in 2015, Storonsky has transformed the company into a fintech powerhouse, boasting 65 million users and achieving a remarkable valuation of $75 billion during its latest fundraising round. He remains the largest shareholder, with his stake currently valued at approximately $8 billion, as reported by Forbes.
Despite his relocation, Revolut has committed to investing £3 billion in the UK, aiming to generate 1,000 new high-skilled jobs over the next five years. However, the company has faced challenges in its home market; after a three-year wait, it finally secured a UK banking license last year yet remains in a “mobilisation” phase.
Earlier this year, tensions were reported between UK Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey regarding the acceleration of Revolut’s authorization as a fully licensed bank, with Reeves advocating for prompt approval.
Storonsky’s move follows that of other fintech billionaires, including Checkout.com’s Guillaume Pousaz, who transitioned his residency from the UK to the tax haven of Monaco. This trend is mirrored by numerous wealthy individuals departing the UK amid alterations to the non-dom tax regime and increased capital gains taxes introduced in last year’s Budget.