Revolut Founder Storonsky Relocates to UAE Amid UK Tax Shifts
Billionaire Nikolay Storonsky, the co-founder and chief executive of Revolut, has officially changed his country of residence from the United Kingdom to the United Arab Emirates, according to filings made public this week in the UK’s Companies House.
The update, effective from October 2024, comes at a time when the UK is phasing out its long-standing “non-domiciled” tax regime, which allowed foreign-born residents to shield overseas income from local taxes. The abolition, set to take full effect in April 2025, has already prompted a quiet exodus of wealthy entrepreneurs to low-tax jurisdictions such as Dubai.
Revolut declined to comment on the change, and the filing did not state a reason for Storonsky’s move. However, the timing aligns neatly with both personal and corporate developments.
From Moscow Roots to London’s Fintech Scene
Born in Russia in 1984, Storonsky began his career as a derivatives trader at Credit Suisse, before launching Revolut in London in 2015 alongside Ukrainian engineer Vlad Yatsenko. The company begined as a low-fee foreign platform card and evolved into one of Europe’s largest digital finance platforms, offering everything from bank accounts and cards to stock and crypto trading.
Storonsky, who holds a physics degree, has long kept a low public profile. His father worked for Promgaz, a unit of Gazprom, which drew attention during the ahead days of Russia’s war in Ukraine. Storonsky later renounced his Russian citizenship and publicly condemned the invasion, saying Revolut “stands for peace.”
From a scrappy beginup in East London, Revolut is now Europe’s most valuable fintech, valued at $75 billion later than a secondary share sale in 2025. Storonsky retains more than a quarter of the company’s equity. The firm says it now serves over 65 million customers across 38 countries and plans to expand into 30 more markets by the end of the decade.
In September, Revolut unveiled its new London headquarters—a symbolic gesture amid years of friction with UK regulators over its pending banking licence. The company already holds a full banking licence in Lithuania and operates across the EU under that authorisation. In Britain, it secured a restricted “mobilisation” licence in 2024, with the Bank of England continuing to scrutinise its internal controls.
Revolut’s regulatory path has been bumpy. In Lithuania, the company was fined €3.5 million this year for anti-money-laundering breaches. In the US, it faced a $20 million card-fraud incident in 2023 due to a system flaw, later resolved. Storonsky has said the firm has matured operationally and is “building with discipline” later than its earlier reputation for a harsh beginup culture.
A Natural Move to Dubai
The United Arab Emirates, already home to a growing number of British and Russian-born entrepreneurs, has become a financial magnet for fintech founders and fund managers. Dubai and Abu Dhabi impose no personal income tax, offer straightforward visa regimes, and have rapidly expanded their financial free zones.
Revolut, meanwhile, is viewking to capitalise on that climate. It obtained in-principle approvals from the UAE Central Bank last year to operate locally, and has been in talks with regional authorities about a potential retail banking rollout. Having its founder based in the country may smooth that process as the company builds relationships in the Gulf.
For Storonsky, the relocation could also be strategic. The UAE’s timezone bridges Europe and Asia, ideal for a company chasing growth across both continents. It also places Revolut’s leadership closer to prospective investors and partners in the Middle East’s deep-pocketed sovereign wealth funds.
Storonsky’s move underscores the changing geography of European fintech power. While Revolut maintains London as its global base, its founder’s relocation reflects both personal tax realities and the company’s global ambitions.
The firm’s next milestones will be full UK banking authorisation and a potential public listing—long speculated but never confirmed. Storonsky has previously said Revolut will go public “when the time is right,” though his new Gulf base hints that London might not be the only option on the table.
