Nik Storonsky, co-founder of the neobank Revolut, has decided to leave London and move to Dubai. This decision comes amid tax changes in the United Kingdom that are prompting many billionaires to reconsider their tax residence. Find out why this decision marks a strategic turning point for Revolut and its global ambitions.
3 things you need to know
- Nik Storonsky has transferred his tax residence to the United Arab Emirates.
- The United Kingdom has ended the “non-domiciled resident” tax regime.
- Revolut plans to invest heavily to support its global expansion.
The reasons behind Storonsky’s move
Nik Storonsky, billionaire and co-founder of Revolut, has officially transferred his tax residence from London to Dubai. This decision follows the British government’s abolition of the “non-domiciled resident” regime, which allowed high net worth individuals to avoid paying tax on their foreign income for 15 years. This tax change has prompted many billionaires to review their situation, with Storonsky being one of the most recent to take the plunge.
Although Storonsky left the UK for tax reasons, he retains a residence in London and continues to run Revolut. His case illustrates a broader trend among high net worth individuals, with figures such as Nassef Sawiris and Christian Angermayer making similar decisions.
Revolut is expanding rapidly
Despite this change in tax residence, Revolut continues to grow at a rapid pace. The neobank, valued at around $65 billion, recently opened its new global headquarters in Canary Wharf, London. With 65 million customers worldwide, including 6 million in France, the company aims to reach 100 million users by 2027.
To support this expansion, Revolut has announced a five-year investment plan worth €11.5 billion. This plan includes €3.4 billion for the United Kingdom and €1 billion for France, where the company’s European headquarters are located. These investments are aimed at developing artificial intelligence, expanding the private banking offering, and strengthening the company’s international presence.
Context and future ambitions
Although Nik Storonsky has moved his tax residence, he is not turning his back on the UK. Revolut is awaiting its full banking license in the UK and is considering a dual IPO in London and New York. These steps show that, despite the tax changes, the UK market remains crucial for the company.
Nik Storonsky, who was born in Russia, renounced his Russian citizenship after the invasion of Ukraine. He now holds dual British and French citizenship. Before founding Revolut in 2015 with Vlad Yatsenko, Storonsky worked as a trader at Lehman Brothers and Credit Suisse. His stake in Revolut is currently estimated to be worth around $7.9 billion.