Nik Storonsky, cofounder and CEO of Revolut, has changed his residency from the UK to the United Arab Emirates, according to Companies House filings.
The change in residency, first reported by the Financial Times, were posted as an update on Storonsky’s family office. Founded in 2015, Revolut provides a range of financial services ranging from business banking, stocks and shares trading, and pet insurance.
The fintech, which operates in more than 30 different countries and more than 60m customers, is also planning to launch in the country. Last month, Revolut secured initial regulatory approval from the country’s central bank and has hired Ambareen Musa, former CEO of Middle East personal finance app Yabi, to spearhead growth in the region.
Storonsky joins a growing number of British businesspeople to have relocated to the Middle East, with some citing the region’s low tax regime as rates rise in the UK, Sifted previously reported.
Revolut declined to comment.
