Revolut CEO Nik Storonksy has declared the U.A.E. as his new official residence, moving away from the U.K., as per an official filing by his family office on Tuesday.
The update comes as part of a trend that has seen multiple billionaires and wealthy individuals leave the U.K. after Chancellor Rachel Reeves abolished the tax protection benefits for non-domiciled residents.
Egyptian billionaire Nassef Suwairis, Property Developers Ian & Richard Livingstone, and Fintech CEO Christian Angermeyer have shifted away, choosing Dubai as their new residence. In the case of Suwairis, he has split his home base between the U.A.E. and Italy.
The UAE has 0% tax on capital gains and personal income–while Italy offers a flat tax regime in exchange for an annual payment of 100,000 euros.
Revolut was created in 2015, and the fintech has been growing rapidly, with offices opened in the U.K., France, and, most recently, Dubai, where it has received in-principle approval from the UAE’s central bank. The fintech offers multi-currency services, cards, savings accounts, and cryptocurrency trading services.
In April, the company disclosed a profit before tax of $1.4 billion, affirming plans to continue expanding with a strategic goal of reaching 100 countries and 100 million daily active users.