What's happened
Nikolay Storonsky, CEO of Revolut, has changed his official residence to the UAE following the UK’s abolition of its non-domicile tax regime. This move coincides with Revolut’s ongoing UK banking license process and expansion in the Gulf region, reflecting broader trends among wealthy UK residents leaving due to tax reforms.
What's behind the headline?
The move by Storonsky highlights a broader trend among wealthy UK residents seeking tax advantages in jurisdictions like Dubai and Abu Dhabi. The abolition of the non-dom regime has accelerated this exodus, with hundreds of high-net-worth individuals relocating. For Revolut, this shift could impact its UK operations and regulatory relations, especially as the company navigates delays in obtaining a full banking license. The company’s expansion in the Gulf, including licensing and potential acquisitions, suggests a strategic pivot to diversify its regional presence. This move may also influence other fintech firms and entrepreneurs considering similar relocations, potentially reshaping the UK’s financial landscape. The timing indicates a calculated response to regulatory and fiscal pressures, aiming to balance UK market ambitions with regional growth opportunities. The long-term impact will depend on how regulators adapt and whether other high-profile executives follow Storonsky’s lead, possibly prompting policy reconsiderations.
What the papers say
The New Arab reports on Storonsky’s residency change and its timing with UK tax reforms and Revolut’s expansion plans. The Independent provides context on the broader exodus of wealthy individuals following the abolition of the non-dom regime, highlighting Storonsky’s net worth and strategic moves. Bloomberg confirms the effective date of Storonsky’s relocation and notes the lack of immediate comment from Revolut, emphasizing the ongoing nature of his move. These sources collectively illustrate the intersection of tax policy, regulatory delays, and regional expansion strategies shaping this story.
How we got here
The UK’s non-domicile tax regime, which allowed some residents to avoid UK taxes on overseas income, was abolished in April 2025. This policy change prompted a significant exodus of high-net-worth individuals, including Revolut’s CEO, Nikolay Storonsky, who was born in Russia and holds British citizenship. Storonsky’s relocation to the UAE aligns with Revolut’s strategic expansion in the Gulf, including acquiring a payments license and exploring local banking acquisitions. The company remains in the final stages of securing a full UK banking license, with delays attributed to regulatory discussions and concerns over independence. Meanwhile, Storonsky continues to maintain a UK base and frequent London visits, despite his official residence now being in the UAE.
Go deeper
Common question
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Why Are UK Residents Moving to the UAE?
Many high-net-worth individuals and entrepreneurs are relocating from the UK to the UAE. This trend is driven by recent UK tax reforms, including the abolition of the non-domicile regime, which has prompted a rethink of residency and tax strategies. But what exactly is motivating these moves, and what does it mean for both countries? Below, we explore the key reasons behind this migration trend and answer common questions about the impact on wealth, business, and the UK economy.
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Are Business Leaders Moving Abroad Due to Tax Changes?
Recent shifts in global tax policies have prompted many high-net-worth individuals and business leaders to reconsider their residency. Notably, some are relocating to countries with more favorable tax regimes, like the UAE, amid changes in UK tax laws. This trend raises questions about its impact on global finance, how countries are competing for wealthy residents, and what long-term effects these moves might have on national economies. Below, we explore these topics to understand the broader implications of this migration trend.
More on these topics
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The United Arab Emirates, sometimes simply called the Emirates, is a sovereign state in Western Asia at the northeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south and west, as well as sharing m
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Revolut is a financial technology company that offers banking services. Headquartered in London, England, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.