The UAE is attracting many super-rich residents of the UK. Nik Storonsky, the cofounder of the digital banking app Revolut, is the latest high-profile figure to have moved from the country to the Emirates. Based on the reports and records of Forbes and the UK Companies House, the ultra-rich and visionary entrepreneur has officially changed his residency from the UK to the UAE.

Many London billionaires are relocating to the UAE, as the UK government has decided to end the non-resident tax status. This tax benefit previously allowed foreign nationals living in the country to protect their overseas income from UK taxes.

Although the 41-year-old Revolut’s founder still owns a home in the UK, he has shifted his main residence to the Gulf. Additionally, Revolut is preparing for a major launch in the region. Storonsky’s connections to Dubai are growing stronger, as his company has opened an office and secured a license in the Emirates.

As UK Hurdles Mount, Storonsky Turns to UAE for Growth

Storonsky’s Revolut has faced many challenges to get a valid banking license in the UK. The delays and several regulatory hurdles slowed the company’s progress. His company has been in the mobilisation phase since July 2024 and is waiting for the final approval. The UK authorities have specified the company’s large size and complexity as the main reasons for the delay and prolonged process. This fintech company has expressed its frustration with the UK’s legal framework. Moreover, the country’s regulatory policies have also sparked questions about the company’s growth and future expansion plans.

Born in Russia, Nit Storonsky was listed as a British citizen in England until last October. He co-founded Revolut in 2014, one of the best startup story in the global fintech industry, which has now grown into a globally recognized fintech giant. Currently, the company serves 65 million users and has a $75 billion valuation. According to Forbes records, Storonsky’s stake in the fintech company is nearly $8 million, as he is its largest shareholder.

Why Are Billionaires & Millionaires Leaving the UK?

The UK is experiencing a large-scale departure of billionaires and millionaires. This significant migration is due to the tax policy changes, economic instability, and other reasons. Nik Storonsky UAE relocation is not the first case, as many ultra-rich figures have recently left the country. Some of the notable names are Aston Villa’s owner, Nassef Sawiris, and shipping magnate John Fredriksen, who has migrated to the Emirates. Besides the UAE, countries like the US, Italy, and Switzerland are attracting these wealthy UK residents with their favorable tax policies and great investment opportunities. The following key points will help you understand the reasons for the migration of wealthy people from the UK:

The UK Labour government recently revised or updated the non-domicile tax policy that was established in 1799. Under this system, earlier, rich foreign nationals living in the country didn’t have to pay taxes on their overseas income and assets.
This year, in April, Chancellor Rachel Reeves ended this regime. She replaced this system with a residency-based system. The new system is now imposing inheritance tax on the worldwide assets of foreigners who have lived in the UK for more than 10 years.
Besides the introduction of a new residency-based system, the capital gains tax has increased from 10% to 18% for the basic rate and from 20% to 24% for the higher rate. This change has also made the UK a less attractive destination for wealthy residents.
Other than a change in tax policies, Brexit’s role is mainly in the increased migration of billionaires and millionaires from the UK. Brexit has brought economic instability, a weaker pound, and visa requirements for UK nationals moving to the EU. This has further lowered the UK’s appeal as a global hub for the wealthy and ultra-rich.
Additionally, the fading importance of the London Stock Exchange and the UK’s slow recovery from the 2009 recession are other reasons that compel the ultra-rich to seek opportunities in other financial hubs, like Paris, Dubai, and Amsterdam.

UK’s Tax and Economic Changes Push Millionaires Abroad

The relocation of Nik Storonsky to the UAE and other billionaires to other countries highlights how tax policy changes, economic shifts, Brexit, and other factors are making the UK a less-friendly destination for wealthy residents. The Emirates and other countries in the Gulf are emerging as attractive destinations for entrepreneurs and wealthy people from the UK. They are choosing cities with better opportunities to live and expand their business.

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