"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."
"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."
Nik Storonsky has moved his official residency from the UK to the United Arab Emirates, with filings confirming the change in October 2024. The residency shift occurred soon after Revolut pledged £3 billion in UK investment over five years and opened a new global headquarters in Canary Wharf. Storonsky remains the largest shareholder of Revolut with an estimated fortune of $14 billion and retains a home in the UK. He renounced Russian citizenship after the 2022 invasion of Ukraine. The relocation aligns with Revolut's UAE expansion and broader Middle East growth, and the formal change may attract attention due to the emirate's favourable tax regime.
Read at Business Matters
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