An IMGlobalWealth.com News Report
Nikolay (Nik) Storonsky, cofounder and chief executive of Revolut, has switched his official residence from the UK to the United Arab Emirates, according to Companies House updates reported by the Financial Times and confirmed by wire services.
The move lands as Revolut deepens its Gulf push. In September, the fintech received “in-principle” approvals from the UAE central bank for stored-value and retail payment services licences, and tapped Ambareen Musa to lead GCC operations, a prelude to a broader consumer launch.
“Unless the UK can couple regulatory clarity with a competitive, credible regime for globally mobile talent, departures like Storonsky’s risk becoming the norm rather than the headline”
Tax is not the only factor driving founders east, but it is impossible to ignore. From 6 April 2025 the UK abolishes the remittance-basis regime for non-domiciled residents, curtailing a longstanding draw for internationally mobile executives. At the same time, the UAE continues to levy no personal income tax, a contrast that has helped lure a cohort of British entrepreneurs and investors to Dubai.
Storonsky’s shift also reflects a strategic hedge. Revolut still courts UK regulators and investors, yet the company’s next leg of growth may be faster to prosecute from Dubai, where licensing appears to be moving apace and capital, talent and customers can be aggregated across the wider Middle East. Reports suggest Revolut is weighing options to scale locally while maintaining a substantial UK footprint.
The broader message for Britain is uncomfortable. A tightening fiscal environment and policy uncertainty, notably around high-earner taxation, have coincided with an uptick in directors and founders shifting abroad, a trend documented over the summer. Unless the UK can couple regulatory clarity with a competitive, credible regime for globally mobile talent, departures like Storonsky’s risk becoming the norm rather than the headline.
