Revoluts Nik Storonsky Moves His Residency To UAE

Nik Storonsky, the billionaire co-founder and chief executive of Revolut, has formally shifted his country of residence from the United Kingdom to the United Arab Emirates, according to a Companies House filing published this week. The move places him among a growing number of high-net-worth individuals leaving Britain as the government ends long-standing tax advantages for foreign-domiciled residents.

A pivotal change for Revolut’s founder

The update, filed on Tuesday with the UK’s corporate registry, shows Storonsky’s official residence changed from England to the UAE on 16 October 2024. Until then, he had listed his address in Britain, where he holds UK citizenship. The document confirms residency only and does not indicate any change in nationality.

Revolut declined to comment on the filing. However, people close to the company said Storonsky still owns a home in London and continues to spend time there for business. The change, they added, reflects where he now spends most of the year rather than a departure from Revolut’s UK base.

Storonsky’s decision coincides with a period of transition for the UK’s most valuable fintech. Revolut is in the final stages of securing a full banking licence from the Bank of England, a process that has taken more than three years. At the same time, the company has been deepening its presence in the Middle East, where regulators have granted it permission to offer new financial services.

The tax backdrop

Storonsky’s relocation follows the government’s decision to abolish the non-domicile regime, which previously allowed residents who claimed domicile overseas to avoid paying UK tax on foreign income and capital gains. The change, first announced under the previous Labour administration, has prompted a wave of wealth migration to low-tax jurisdictions such as the UAE.

Dubai and Abu Dhabi have become popular destinations for executives, investors and entrepreneurs seeking stable regulation, global connectivity and minimal taxation. The UAE has also become one of Revolut’s most important growth markets.

Analysts said the shift reflects a combination of personal and strategic motivations. “It would be simplistic to view this purely as a tax move,” said one London fintech consultant. “Revolut’s expansion in the Gulf has gathered pace, and Storonsky is spending more time there. The UAE has positioned itself as a fintech hub in its own right.”

A multibillion-dollar stake

Storonsky, who co-founded Revolut with Ukrainian-born software engineer Vlad Yatsenko in 2015, remains the company’s largest shareholder. He is expected to receive a multibillion-dollar windfall if Revolut achieves a public valuation close to $150 billion, a target that the Financial Times has previously cited. The company’s most recent funding round, in 2024, valued it at about $75 billion.

Born in Russia, Storonsky renounced his Russian citizenship following Moscow’s invasion of Ukraine in 2022. He now holds British citizenship and has positioned himself as a global fintech leader, often critical of over-regulation and bureaucracy in European markets.

Expanding footprint in the Gulf

Storonsky’s change of residency aligns closely with Revolut’s growing activity in the Gulf. In September, the Central Bank of the UAE granted Revolut a licence for “stored value facilities and retail payment services”, allowing it to expand into local digital banking and payment processing.

The company is expected to step up recruitment in the region and has explored the possibility of acquiring a local bank to accelerate growth. Abu Dhabi’s sovereign wealth fund Mubadala is already an investor in Revolut, and the partnership is viewed as a foundation for a deeper presence in the Gulf.

Executives have also highlighted the UAE’s digital infrastructure and regulatory openness as attractive features for fintech companies seeking to diversify their base beyond Europe. The country’s authorities have been actively encouraging major Western start-ups to establish regional headquarters there, part of a wider effort to make the Gulf a global technology and financial hub.

UK banking licence delays

While Revolut expands internationally, its domestic ambitions remain constrained by the slow progress of its UK banking licence. The company secured restricted authorisation in July 2024, entering a “mobilisation” phase under the Prudential Regulation Authority (PRA). During this stage, Revolut’s banking arm can operate under strict limits, including a cap of £50,000 in total deposits.

Mobilisation typically lasts up to 12 months, but Revolut’s case has already run longer. The PRA and the Financial Conduct Authority have raised concerns about the company’s risk controls, governance, and compliance structures, particularly given its global scale and complex ownership structure.

Revolut insists that it is addressing regulators’ concerns and continues to work towards full authorisation. “The process is ongoing and collaborative,” a person familiar with the discussions said. “There is no fixed deadline for mobilisation, but Revolut expects to transition as soon as the PRA is satisfied.”

Chancellor Rachel Reeves has reportedly sought to break the impasse between the company and the Bank of England by encouraging dialogue between both sides. However, Governor Andrew Bailey is understood to have rejected any direct intervention on the grounds of regulatory independence.

Commitment to the UK

Despite its founder’s relocation, Revolut has repeatedly stressed its long-term commitment to Britain. The company has announced plans to invest £3 billion in the UK over the coming years and recently opened a new London headquarters. It continues to employ thousands of staff in the country and remains one of the UK’s largest private-sector fintech employers.

“The UK will always be our home market,” one senior Revolut executive said. “Our focus is on building a sustainable, regulated banking operation here.”

Even so, Revolut’s leadership has made clear that its ambitions are global. The company now serves 65 million customers worldwide, offering services across banking, foreign exchange, crypto trading, wealth management and payments. Its long-term strategy includes obtaining additional licences in Europe, Asia and the Middle East to operate as a full-scale global financial super-app.

A wider shift in fintech geography

Storonsky’s move to the UAE reflects a broader shift in the geography of fintech leadership. As global regulation tightens and competition intensifies, founders and executives are increasingly relocating to jurisdictions that offer both lifestyle benefits and regulatory flexibility.

Analysts say the trend could accelerate as Europe and the UK adopt stricter oversight of crypto assets, payments and consumer protection. “The centre of gravity for fintech is slowly tilting eastwards,” said one venture investor. “Dubai and Abu Dhabi are fast becoming serious alternatives to London and Singapore.”

Implications for Revolut’s future

Storonsky’s relocation may not alter Revolut’s day-to-day operations, but it highlights the company’s globalisation and the delicate balance between its UK roots and international ambitions. The move also underscores the importance of tax, regulation and political stability in shaping where leading technology entrepreneurs choose to base themselves.

For now, Revolut’s immediate challenges remain unchanged. The company must complete its mobilisation period, satisfy the Bank of England on governance and risk management, and decide where to list its shares if it pursues an IPO. London, New York and Abu Dhabi are all under consideration.

Storonsky’s decision to establish residence in the UAE adds a symbolic layer to that debate. It places him closer to a key investor base, positions him at the heart of one of Revolut’s fastest-growing markets, and provides a fiscal and regulatory environment aligned with his global ambitions.

But the optics are also clear. As the UK tightens its tax regime and the regulatory process drags on, one of the country’s most successful fintech founders has chosen to make his home elsewhere. Whether that signals a broader loss of confidence in Britain’s financial environment remains to be seen, but it sends a message that policymakers will find hard to ignore.