Nik Storonsky, the billionaire co-founder and chief executive of Revolut, has moved his official residency from the UK to the United Arab Emirates, according to filings made to Companies House.
Documents lodged on Tuesday for Storonsky’s family holding company confirm that the change took place in October 2024. The move comes less than a month after Revolut pledged to invest £3 billion in Britain over the next five years, a plan announced alongside Chancellor Rachel Reeves at the company’s new global headquarters in Canary Wharf, London.
Storonsky, 41, is the largest shareholder in Revolut and has an estimated fortune of $14 billion (£11.5 billion). While he was born in Russia, he renounced his citizenship following the 2022 invasion of Ukraine. Revolut declined to comment on the filings, but Storonsky is understood to still maintain a home in the UK.
The move to Dubai is seen as part of Storonsky’s broader international strategy, as Revolut continues to expand its presence in the UAE. The company employs more than 10,000 people globally, including 1,300 staff in London, and is seeking to grow its footprint across the Middle East.
Last month, Storonsky described the UK investment as a “cornerstone” of Revolut’s global growth plan, which aims to invest £10 billion worldwide and create 10,000 jobs over the next five years.
Despite previously stating that he “does not live permanently in Dubai,” the latest filings indicate a formal residency change, which is likely to attract attention given the emirate’s favourable tax regime.
Revolut, founded in 2015 by Storonsky and fellow entrepreneur Vlad Yatsenko, has grown from a currency exchange and payments app into a global fintech platform offering banking, savings, trading and crypto services.
After a three-year wait, the company finally secured its UK banking licence in 2024 and is now pushing for approval to accept larger retail deposits. Storonsky has previously called the rollout of its UK banking services his “number one priority”.
Revolut’s global expansion is continuing alongside its domestic growth. The firm is currently running a secondary share sale expected to value it at around $75 billion (£59 billion), up from $45 billion last year. Among its investors is Mubadala, the Abu Dhabi sovereign wealth fund.
Storonsky has previously hinted at frustration with UK financial regulation, suggesting delays in securing its banking licence had held back the company’s progress. Reports last year claimed that regulatory uncertainty had been a factor in his decision to spend more time in Dubai, where Revolut has built a growing regional hub.
While the fintech remains committed to its UK operations, Storonsky’s relocation highlights ongoing challenges for Britain’s ambition to retain top technology leaders as global competition for talent and capital intensifies.
Amy Ingham
Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.
