Revolut founder Storonsky relocates to the UAE due to changes in UK tax policy

According to Jinse Finance, documents released this week by the UK Companies House show that Nikolay Storonsky, co-founder and CEO of fintech company Revolut and billionaire, has officially changed his country of residence from the UK to the United Arab Emirates. This change will take effect in October 2024, coinciding with the UK's gradual abolition of its long-standing "non-domicile" tax regime—which previously allowed foreign-born residents to exempt their overseas income from UK local taxes. The abolition of this tax regime will be fully implemented in April 2025 and has already prompted many wealthy entrepreneurs to quietly relocate to low-tax regions such as Dubai. Revolut declined to comment on the change of residence, and the relevant filing documents did not specify Storonsky's reasons for the move. However, judging by the timing, this change aligns well with both Storonsky's personal development and the growth of Revolut.