Nik Storonsky, co-founder of digital banking app Revolut, is the most recent billionaire to go away the UK
FILE PHOTO: Nikolai Storonsky, Founder & CEO of Revolut speaks in the course of the Web Summit, a expertise convention, in Rio de Janeiro, Brazil, May 2, 2023. REUTERS/Pilar Olivares/File Photo(REUTERS)
Russia-born Nikolay “Nik” Storonsky, 41, is without doubt one of the UK’s richest males. According to a Forbes estimate, his stake in Revolut, which he cofounded in 2015, is now value over $7.9 billion. Storonsky stays the CEO of Revolut in addition to its largest shareholder.
From the UK to UAE
The co-founder of Revolut has joined a rising wave of ultra-wealthy people leaving the UK, following the federal government’s choice earlier this 12 months to scrap a profitable tax break.
In April, the British authorities ended the non-domiciled (non-dom) tax standing, which had allowed international nationals to protect abroad earnings from UK taxes. This 200-year-old rule had made London a magnet for the worldwide elite, enabling them to keep away from UK taxes on international earnings for as much as 15 years.
(Also learn: ‘Britain has gone to hell’: Why considered one of UK’s richest billionaires left London and moved to UAE)
According to a report in The Gulf News, Storonsky nonetheless maintains a residence within the UK. However, he spends a lot of his time within the UAE.
According to filings on the UK Companies House, his official residence till October 16, 2024 was England and he held British citizenship. After that, it modified to the UAE. The up to date submitting solely reveals his residence, not his citizenship.
Revolut’s relationship with UK regulators has been rocky. Despite greater than 15 months of overview, the Bank of England has not but granted the fintech a full UK banking license.
This delay has slowed Revolut’s progress within the UK, even because it continues increasing internationally.
In distinction, the UAE has welcomed Revolut. Earlier this 12 months, the Central Bank of the UAE gave in-principle approval for 2 key licences, permitting the corporate to organize for a full launch of digital funds and stored-value providers, Gulf News reported.
Leave a Comment