Revolut CEO Nik Storonsky moves residency from UK to Dubai

Nick Storonsky, the billionaire co-founder and CEO of Revolut, has moved his official residency from the UK to the UAE, according to filings with Companies House.

Documents filed on Tuesday for the Storonsky family holding company confirm the change occurred in October 2024. The move comes less than a month after Revolut pledged to invest £3bn in Britain over the next five years, a plan announced alongside chancellor Rachel Reeves at the company’s new global headquarters in London’s Canary Wharf.

Storonsky, 41, is Revolut’s largest shareholder and is worth an estimated $14bn (£11.5bn). While he was born in Russia, he renounced his citizenship after the invasion of Ukraine in 2022. 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. The company employs more than 10,000 people worldwide, including 1,300 in London, and seeks to expand its presence throughout the Middle East.

Last month, Storonsky described the UK investment as a “cornerstone” of Revolut’s global growth plan, which aims to invest £10bn worldwide and create 10,000 jobs over the next five years.

Although he previously stated that he “does not live permanently in Dubai”, recent filings indicate an official change in residence, which is likely to attract attention given the emirate’s favorable tax regime.

Revolut, founded by Storonsky and colleague Vlad Yatsenko in 2015, has evolved from a currency exchange and payments app into a global fintech platform offering banking, savings, trading and cryptocurrency services.

After a three-year wait, the company finally obtained its UK banking license in 2024 and is now pushing for approval to accept larger retail deposits. Storonsky has previously described the launch of his banking services in the UK as his “number one priority”.

Revolut’s global expansion continues alongside its domestic growth. The company is currently conducting a secondary share sale that is expected to be valued at around $75bn (£59bn), up from $45bn last year. Its investors include Mubadala, Abu Dhabi’s sovereign wealth fund.

Storonsky has previously hinted at frustration with financial regulation in the UK, suggesting that delays in obtaining his banking license have hampered the company’s progress. Reports last year claimed that regulatory uncertainty was a factor in his decision to spend more time in Dubai, where Revolut has built a growing regional hub.

While the fintech remains committed to its UK operations, Storonsky’s transfer highlights the ongoing challenges facing Britain’s ambition to retain top technology leaders as global competition for talent and capital intensifies.