When Nik Storonsky first built Revolut out of a small London co-working space in 2015, few could have predicted that it would become Europe’s most valuable fintech, or that its co-founder would one day relocate to the UAE, the rising capital of global finance and ambition.
This week, that move became official.
New filings with the UK’s Companies House confirm that Storonsky, a billionaire, disruptor, and still the driving force behind Revolut, has changed his country of residence from the UK to the UAE.
It’s a personal shift that carries bigger meaning: a symbol of how the world’s financial gravity is tilting toward the Gulf.
Leaving London’s legacy for Dubai’s dynamism
Storonsky’s relocation comes as the UK rethinks its economic landscape. The government’s decision to abolish the long-standing “non-domiciled” tax regime, once a major draw for global investors, has triggered a quiet but steady outflow of wealth and talent.
Why high-net-worth individuals prefer the UAE to the UK:
Zero income tax
Unmatched connectivity
World-class infrastructure
Growing reputation as a place where business and lifestyle intersect seamlessly.
From Russia to the UK
Born in Russia and now a British citizen, Storonsky cut ties with his Russian nationality after the invasion of Ukraine. For him, Dubai and Abu Dhabi offer both neutral ground and new ground, places to grow Revolut’s global ambitions while staying close to the action in Asia, Europe, and Africa.
According to official filings, Storonsky remained a UK resident until October 16, 2024. Now, his new chapter unfolds from the Emirates, though he is expected to keep one foot in London, where Revolut’s main office still operates and where he continues to push for a long-delayed UK banking licence.
The Gulf opportunity
Storonsky’s move also reflects Revolut’s growing interest in the region. In September, the Central Bank of the UAE granted the fintech a new licence to offer stored value and retail payment services, paving the way for a wider rollout of its digital banking products.
Revolut has since ramped up local hiring, deepened its partnerships, and even explored the acquisition of a UAE-based bank, a move that could make the Emirates its launchpad for expansion across the Middle East and beyond.
A tale of two cities
Even as he settles in the UAE, Storonsky hasn’t abandoned London. Revolut recently unveiled a new London headquarters and a £3 billion investment pledge, a statement of loyalty to the city where it all began. But in true entrepreneur fashion, Storonsky seems to be hedging his bets, maintaining London’s legacy while embracing Dubai’s dynamism.
With Revolut valued at $75 billion and analysts forecasting a potential doubling if it goes public, Storonsky’s financial future looks as bold as his relocation.
As the billionaire fintech founder settles into his new base in Dubai, one thing seems clear:
The story of Revolut’s next chapter, and perhaps of global finance itself, may no longer be written in London, but under the bright, forward-looking skyline of the Emirates.
News6 months ago
News5 months ago
Entertainment4 months ago