Financial App Co-Founder Moves Abroad Amid Tax Changes
The co-founder of the finance app Revolut has joined a growing list of millionaires leaving England, driven by recent changes in tax regulations. It appears that Nick Stronski decided to relocate to the United Arab Emirates shortly after his company shifted its global headquarters to Canary Wharf in London, as revealed in company filings.
Stronski is currently valued at around $14.3 billion (£10.6 billion), placing him just outside the top 200 on Bloomberg’s Billionaire Index. Previously, he was considered one of the wealthiest individuals in the UK.
Owning about 25% of Revolut’s shares, Stronski will continue in his role as CEO despite his move. The non-Dom tax status in England was abolished earlier this year, prompting several wealthy individuals to consider their tax status—many chose to shift their residences abroad. This non-Dom status used to allow individuals to avoid taxes on foreign income and capital gains.
Following the rule change, data from HMRC indicates an increase in the number of non-Doms leaving the country, with 400 more departing than before the changes. In the last year, approximately 4,400 business leaders have filed the necessary paperwork to change their residency.
Originally from Russia, Stronski renounced his citizenship after the Ukraine invasion and adopted British nationality, although there’s been no indication that this has changed with his move.
Revolut did obtain a UK banking license last year, albeit with some restrictions, and is looking to secure a full license. The company also plans to expand its presence by acquiring a bank in the UAE and creating new jobs in the region.
As for where Revolut might eventually list on the stock exchange, there’s ongoing speculation. A dual listing in both New York and London still seems like a possibility.
Recent internal stock sales have valued Revolut at around $75 billion (£55 billion). If this valuation holds, the digital bank could emerge larger than Barclays and Lloyds, which are valued at £53 billion and £49 billion, respectively.
Before co-founding Revolut in 2015, Stronski had experience at Lehman Brothers and Credit Suisse. In the meantime, Revolut has opted not to make any comments regarding these developments.
