Revolut founder Nik Storonsky turns into newest billionaire to go away UK

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Your help makes all of the distinction. Learn extra The co-founder of finance app Revolut has turn out to be the most recent billionaire to stop the UK following rule modifications round tax breaks.

A company submitting at Firms Home exhibits Nikolay Storonsky has switched his place of residency to the United Arab Emirates, shortly after his financial institution app agency moved to new international headquarters in Canary Wharf in London.

Mr Storonsky’s private web price is at the moment valued at $14.3bn (£10.6bn) by Bloomberg’s Billionaires Index, putting him simply exterior the highest 200 richest individuals on the planet. He's, or was, among the many richest businessmen in Britain.

He owns round a 25 per cent stake within the firm and stays its chief govt.

With the UK’s non-dom regime being abolished by Rachel Reeves in April, a number of ultra-wealthy people and households have moved their tax residency abroad. It beforehand meant they might keep away from paying UK tax on international earnings and capital positive aspects.

HMRC knowledge confirmed 400 individuals with non-dom standing leaving the nation earlier than the rule change, in contrast with Bloomberg studies of 4,400 enterprise leaders submitting papers to take action throughout the previous yr.

Mr Storonsky was born in Russia however renounced his citizenship following the invasion of Ukraine and had taken up British citizenship. There isn't a affirmation that this has modified alongside along with his residency.

<img src="https://static.independent.co.uk/2025/10/08/7/35/GettyImages-2236445149.jpeg" srcset="https://static.independent.co.uk/2025/10/08/7/35/GettyImages-2236445149.jpeg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/10/08/7/35/GettyImages-2236445149.jpeg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Mr Storonsky’s personal net worth is valued at $14.3bn (£10.6bn)" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Mr Storonsky’s private web price is valued at $14.3bn (£10.6bn) (AFP by way of Getty Pictures) Revolut secured a UK banking licence final yr with some restrictions, and continues working towards a full licence. It has additionally been searching for to purchase a financial institution within the UAE and improve hiring within the area, studies the Monetary Occasions, in a bid for elevated international enlargement.

There stays hypothesis over the place the corporate will decide to drift on the inventory change, with a twin itemizing in New York and London seemingly nonetheless a risk.

An inside share sale spherical just lately valued Revolut at $75bn (£55bn); if publicly listed at that market capitalisation worth, it will make the digital financial institution greater than Barclays (£53bn) or Lloyds (£49bn).