What forced Revolut’s billionaire CEO to move from London to UAE?

Dubai: Nik Storonsky, co-founder and CEO of Revolut, has quietly shifted his residence from the UK to the United Arab Emirates, according to regulatory filings.

The move — which took effect a year ago, as per a UK filing for his family office — comes as the billionaire fintech founder faces a complex mix of personal, financial, and strategic considerations.

Storonsky, 41, still maintains a home in the UK, but his primary base is now in the Gulf, where Revolut is preparing a major regional launch.

Tax, policy

Storonsky joins a growing list of wealthy entrepreneurs leaving the UK following the abolition of the non-domiciled (non-dom) tax status, which allowed foreign nationals to avoid paying UK tax on overseas income.

The change, part of a broader push for tax fairness, has prompted many founders and investors to look abroad.

The UAE’s zero-income-tax regime, combined with its growing status as a global financial hub, makes it an obvious destination for business leaders like Storonsky who operate across markets.

Regulatory friction

Revolut’s relationship with UK regulators has been tense. The Bank of England has yet to grant the fintech a full UK banking licence, despite more than 15 months of review.

The delay has slowed Revolut’s domestic expansion, even as it continues to scale globally. Storonsky has said that obtaining the licence remains his top priority, but the drawn-out process has reportedly frustrated company leaders and investors alike.

By contrast, the UAE has welcomed Revolut’s entry. The Central Bank of the UAE granted in-principle approval for two key licences earlier this year, allowing the company to prepare for a full market launch offering digital payments and stored-value services.

Global growth

Founded in 2015, Revolut started as a low-cost travel card and currency exchange app. It’s now one of the world’s largest fintechs, offering everything from stock trading and crypto to insurance and business banking.

The company serves more than 65 million customers across 48 countries and is valued at roughly $75 billion, according to recent private market data.

Revolut plans to invest $13 billion globally by the end of the decade and enter 30 new markets — including several in the Middle East.

Symbolic move

Storonsky’s relocation underscores Revolut’s evolution from a UK disruptor into a global financial brand.

It also reflects how the UAE has become a magnet for high-growth companies and wealthy founders seeking both stability and opportunity.

For London, his exit is another reminder of the delicate balance between regulation, taxation, and competitiveness in a post-Brexit economy.