Nik Storonsky, Revolut’s billionaire co-founder, has officially changed his residency from the UK to the United Arab Emirates (UAE), according to filings at the UK Companies House.
The changes were posted on the UK’s official corporate registry on Tuesday as an update to Storonsky’s family company information.
The official change of residence for Storonsky – who remains the largest shareholder in Revolut as well as its chief executive – comes at a key moment for Europe’s most valuable financial technology company, which is awaiting a fully fledged banking licence from UK regulators and is also mulling where it might publicly list its shares.
The ending of the non-dom regime – and the Labour government’s decision to close a loophole allowing the use of offshore trusts to avoid inheritance tax – has caused a wave of wealthy people to leave the UK for more tax-friendly regimes, including the UAE.
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Storonsky is in line for a multibillion-dollar windfall if he steers the fintech’s valuation to about $150 billion (€128 billion), the Financial Times previously reported. Its most recent fundraising round valued the company at $75 billion.
Storonsky was born in Russia but renounced his citizenship after the full-scale invasion of Ukraine, and spends much of the year in the UAE. He cofounded the company in London in 2015 with Vlad Yatsenko, and Revolut has grown to 65 million users globally.
The Companies House filings show he listed his residence as England, where he was a British citizen, until October 16th, 2024. The filings state only Storonsky’s residence and do not show his citizenship status.
A person familiar with the bank said in January that it was committed to its key decision-makers being in the UK. Storonsky retains a home in the UK and will still work frequently in the country, according to a person familiar with the situation.
Revolut declined to comment.
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Last year, Revolut secured a UK banking licence after a three-year back-and-forth with the BoE. However, it remains in a “mobilisation” phase during which its banking division can hold a maximum of £50,000 in deposits.
Mobilisation usually takes 12 months, according to the central bank’s Prudential Regulation Authority (PRA), but that date passed in July. Revolut and the PRA have said that mobilisation is not a fixed period, and that it can take longer.
UK chancellor Rachel Reeves has sought to break the impasse between Revolut and the BoE by brokering a meeting. She was thwarted by Andrew Bailey, BoE governor, who thought it would impinge on the body’s impartiality, the FT previously reported.
Although Revolut has reaffirmed its commitment to the UK with the opening of new London headquarters and a pledge last month to invest £3 billion in the country, it has also been expanding its presence in the Gulf.
In September, the central bank of the UAE granted Revolut a “stored value facilities and retail payment services licence”, which will allow it to expand the services it provides in the Gulf kingdom.
The company plans to increase its hiring efforts in the UAE. It is also exploring plans to buy a bank there to accelerate its growth in the country.
Abu Dhabi’s sovereign fund Mubadala also has a stake in Revolut. – Copyright The Financial Times Limited 2025
