Revolut's billionaire co-founder and CEO Nik Storonsky has changed his residency from the UK to the United Arab Emirates.
Storonsky was born in Russia but he listed his residence as England, where he was a British citizen, until last October. Now, filings at Companies House show this has changed to the UAE, although his citizen status is not provided.
Storonsky co-founded Revolut in 2015, building it into a fintech behemoth with 65 million users and a $75 billion valuation at its most recent fundraising round. Storonsky is the company's largest shareholder, with a stake worth around $8 billion, according to Forbes.
Despite its leader's move, Revolut recently pledged to invest £3 billion in the UK, creating 1000 new high-skilled jobs over the next five years.
However, the company has not always had a smooth relationship with its home market. Last year, it finally secured a UK banking license after a three year wait but it is still stuck in a "mobilisation" period.
Earlier this year, the Financial Times reported that UK chancellor Rachel Reeves had clashed with Bank of England governor Andrew Bailey over efforts to accelerate Revolut's authorisation as a fully-licenced bank, with Reeves eager to see the fintech get the greenlight as soon as possible.
Storonsky is not the first fintech billionaire to leave the UK this year: Checkout.com boss Guillaume Pousaz switched his country of residence from the UK to tax haven Monaco.
Other super-rich residents have also left in the wake of changes to the UK's non-dom regime and increased taxes on capital gains, which were introduced by Reeves as part of last year’s Budget.