From London to Dubai: Nik Storonsky’s Departure Amid UK Tax Changes

In a significant move that highlights the growing trend among the ultra-wealthy, Nik Storonsky, the billionaire cofounder of digital banking powerhouse Revolut, has officially changed his residence from the United Kingdom to the United Arab Emirates. According to UK corporate filings released on October 7, Storonsky made this transition in October 2024. This relocation comes at a pivotal moment for both Storonsky and Revolut, with the fintech company reportedly in discussions to raise capital at a staggering $65 billion valuation. Storonsky’s stake in the company he cofounded with Vlad Yatsenko in 2015 is now estimated to be worth over $7.9 billion, cementing his status as one of Europe’s most successful tech entrepreneurs. The timing of his departure raises important questions about the relationship between taxation policies and the mobility of high-net-worth individuals in today’s global economy.

Storonsky’s exit represents one of the most high-profile departures since the British government, under Chancellor Rachel Reeves, eliminated the 200-year-old “non-dom” tax benefit in April. This long-standing tax provision had allowed wealthy foreign residents to avoid UK taxes on their overseas earnings for up to 15 years, effectively transforming London into a magnet for international wealth. The policy change was designed to generate approximately $3.6 billion in additional tax revenue for the British government, but it has triggered what appears to be a significant exodus of wealthy individuals. Storonsky joins a growing list of billionaires who have changed their residence following the tax reform, including Egyptian billionaire Nassef Sawiris, startup investor Christian Angermayer, and property developers Ian and Richard Livingstone. According to Bloomberg, approximately 4,400 business leaders filed papers indicating overseas relocation over the past year, though HMRC has attempted to minimize the impact, claiming that only 400 of the 74,100 people with non-dom status left the country in the year preceding the change.

The timing of Storonsky’s departure is particularly notable given Revolut’s continued expansion in the UK. Less than a month before the news of his relocation broke, Revolut unveiled a new global headquarters in London’s Canary Wharf, seemingly reinforcing the company’s commitment to the British capital. The fintech giant has reportedly been exploring a potential dual listing in both London and New York, which would be a significant boost for the UK financial markets. As the UK’s most valuable startup, Revolut’s latest reported valuation exceeds that of some of Britain’s largest traditional banks and even international competitors like Brazil’s Nubank, which is listed on the New York Stock Exchange. This contrast between Storonsky’s personal relocation and his company’s ongoing investment in the UK underscores the complex relationship between individual tax planning and corporate strategy in the global business landscape.

Storonsky’s connections to Dubai have been strengthening over the past year, with the entrepreneur appearing at several events in the city and Revolut expanding its presence in the region. The company opened an office in Dubai last year and secured a license to operate in the United Arab Emirates in September, signaling its ambitions in the Middle Eastern market. Additionally, Abu Dhabi’s Mubadala sovereign wealth fund acquired a stake in Revolut last year, further cementing the company’s ties to the UAE. This gradual building of relationships in the region suggests that Storonsky’s relocation is part of a broader strategic shift rather than a sudden reaction to UK tax changes. The UAE has increasingly positioned itself as a welcoming destination for wealthy entrepreneurs and investors, offering significant tax advantages and a growing ecosystem for financial technology companies. For Storonsky, whose business interests are increasingly global, Dubai may represent not just a tax-efficient base but also a strategic location from which to oversee Revolut’s international expansion.

Beyond his work with Revolut, Storonsky has been diversifying his business interests. Forbes reported in June that he was developing a portfolio of luxury properties and resorts under a new travel business called Utopia Design, indicating his expanding entrepreneurial vision. At that time, Revolut informed Forbes that Storonsky remained a UK tax resident and had only traveled to the UAE to support the startup’s expansion in the region. The recent change in his official residence status marks a significant shift from this earlier position. Storonsky has not publicly commented on his reasons for relocating, and Revolut did not respond to requests for comment on the matter, leaving room for speculation about the primary motivations behind this move. While tax considerations are likely a significant factor, other elements such as lifestyle preferences, business opportunities, and global mobility may also play important roles in such decisions for ultra-high-net-worth individuals.

Storonsky’s journey reflects a remarkable personal and professional evolution. Born in Russia, he initially moved to the United Kingdom as a trader for Lehman Brothers and later Credit Suisse before cofounding Revolut in 2015. Following Russia’s invasion of Ukraine in 2022, Storonsky renounced his Russian citizenship and is now reportedly a British and French citizen. His relocation to the UAE represents the latest chapter in the life of a truly global entrepreneur whose story embodies the increasing internationalization of business, wealth, and personal identity in the 21st century. As countries around the world compete to attract and retain highly mobile wealthy individuals and innovative businesses, Storonsky’s move raises important questions about the effectiveness of tax policies and the future of global wealth distribution. For the UK, which has positioned itself as a fintech hub, the departure of one of its most successful entrepreneurs signals potential challenges ahead in balancing revenue generation with maintaining an attractive environment for wealth creation and innovation.