Revolut Boss Nikolay Storonsky Quits London for UAE in Blow to UK Fintech Ambitions

Nikolay Storonsky, billionaire chief executive of Revolut and one of Britain’s wealthiest entrepreneurs, has moved his residency from London to the United Arab Emirates, underlining mounting concerns about an exodus of high-net-worth individuals from the UK.

His relocation comes shortly after the government celebrated the opening of a new Revolut office in London, touting it as evidence of sustained confidence in Britain’s fintech sector. Storonsky, who founded Revolut in London in 2015, has long voiced frustrations with the UK’s regulatory environment, citing sluggishness in securing a full banking licence and raising doubts about the rationality of a London listing owing to stamp duty costs on share transactions.

Recent filings from Storonsky Family Ltd, his family office, now list the UAE as his principal country of residence. The move is significant, given the ongoing debate about the attractiveness of Britain for entrepreneurs, especially as tax changes under Labour target inheritance rules and abolish non-dom status, prompting several high-profile financiers and executives to depart.

Storonsky has lavishly praised Dubai’s forward-thinking infrastructure and investor-friendly climate on a visit last year, and Revolut has recently secured a payments licence in the UAE. Expansion in the Gulf is already underway, with Mubadala, Abu Dhabi’s sovereign wealth fund, negotiating to increase its stake in the company.

Revolut has underlined its continued commitment to the UK with plans to invest £3bn and create 1,000 new jobs over five years. Despite this, the friction with regulators and tax authorities appears to be driving wealthy figures to seek environments perceived as more favourable to innovation and investment. The UK chancellor has reportedly considered amendments to inheritance tax and the stamp duty regime to make London a more competitive destination for global listings, acknowledging the competitive threat posed by low-tax jurisdictions such as the UAE.

Storonsky, who moved to the UK in 2004 and became a citizen after stints at Lehman Brothers and Credit Suisse, renounced his Russian citizenship in 2022 and also holds French citizenship. The current developments reflect broader shifts in the UK’s entrepreneurial landscape and intensify pressure on policymakers to retain and attract top-tier business leaders.