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Revolut founder Storonsky moved to the UAE due to changes in UK tax policy.
According to a report by Golden Finance, based on documents released by the UK Companies House this week, Nikolay Storonsky, billionaire co-founder and CEO of financial technology company Revolut, has officially changed his country of residence from the UK to the UAE. This change will take effect in October 2024, coinciding with the UK's gradual abolition of its long-standing “non-domicile” tax regime — a system that allowed residents born abroad to exempt their overseas income from UK taxes. The repeal of this tax regime will be fully implemented in April 2025, and it has already prompted many wealthy entrepreneurs to quietly relocate to low-tax regions such as Dubai. Revolut declined to comment on the recent change of residence, and the relevant filing documents did not specify the exact reason for Storlonski's move. However, from a temporal perspective, this change is very much in line with the development of both Storlonski himself and Revolut.