Billionaire Nikolay Storonsky, the co-founder and chief executive officer of Revolut, has changed his country of residence from the United Kingdom to the United Arab Emirates, according to new corporate filings published in Britain’s Companies House registry.
The documents, filed on Tuesday, show that Storonsky officially changed his residence status in October 2024. While the filing did not specify a reason for the relocation, it marks a notable move for one of Europe’s most prominent technology entrepreneurs. A spokesperson for Revolut declined to comment on the development.
Storonsky, who was born in Russia and holds dual citizenship in the UK and Russia, co-founded Revolut in 2015 alongside Vlad Yatsenko. The company began as a digital payments app and has since evolved into a full-scale financial platform offering banking, trading, and investment services.
Revolut was valued at $75 billion last month, cementing its position as Europe’s most valuable financial technology company. According to the firm’s latest annual report, Storonsky owns more than 25 percent of the company, either directly or through affiliated entities, making him one of the wealthiest figures in the global fintech industry.
The move to the UAE, a popular destination for global executives seeking favorable tax and business conditions, comes amid Revolut’s continued international expansion. The company, headquartered in London, has grown rapidly over the past decade as it challenges traditional banks with low-cost, digital-first financial solutions.
In September, Revolut unveiled its new London headquarters and announced ambitious plans to enter 30 additional markets by 2030. The company also revealed that its global customer base had surpassed 65 million users, reflecting strong demand for its services across Europe, Asia, and North America.
Storonsky’s relocation follows a broader trend of high-profile entrepreneurs and investors moving to the UAE, drawn by its business-friendly environment, strategic location, and absence of personal income tax. The country has also positioned itself as a major hub for financial technology and innovation, with Dubai and Abu Dhabi attracting significant interest from global startups and venture capital firms.
Revolut’s expansion plans remain firmly rooted in Europe and beyond, with continued efforts to secure additional banking licenses and grow its product offerings. Despite the founder’s relocation, the company’s headquarters will remain in London as it continues its push to become a global super-app for financial services.
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