According to documents released this week by Companies House, billionaire Nikolay Storonsky, co-founder and CEO of fintech company Revolut, has officially changed his country of residence from the UK to the United Arab Emirates.
The change, due to take effect in October 2024, comes as the UK is phasing out its long-standing "non-domicile" tax regime, which had allowed foreign-born residents to exempt their overseas income from local UK tax. The repeal, which will take full effect in April 2025, has already prompted wealthy entrepreneurs to quietly move to low-tax areas such as Dubai.
Revolut declined to comment on the change of residence, and the relevant filing did not specify the specific reasons for Stolonsky's move. However, from the perspective of time point, this change is very suitable for the development of Stolonsky himself and the development of Revolut company.
Revolut founder Storonsky relocates to UAE due to UK tax changes
2025-10-09 00:29:49
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