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The founder and CEO of Revolut, Nik Storonsky, has officially moved its tax residence from the United Kingdom to the United Arab Emirates (UAE), according to documents submitted to the Companies House, the British commercial register.
A native of Russia and a British citizen since 2004, Storonsky had spent much of the last year in the UAE. Upgrading your family business, Storonsky Family Ltd, details that his tax residence remained in England until October 16, 2024, and that since that date UAE is listed as your new place of regular residence.
The change coincides with a strategic moment for the company. El UAE Central Bank recently granted to Revolut one license to operate stored value facilities and retail payment services, which will allow the neobank expand its operations in the region and offer a wider range of digital financial services.
The move reinforces Revolut's interest in the Middle East, a region with rapid growth in digital adoption and an increasingly competitive financial ecosystem.
The transfer of Storonsky's fiscal residence also occurs in parallel with the global expansion of the digital bank.
Revolut recently inaugurated its new global headquarters in Canary Wharf (London) and announced a investment plan of 11.5 billion euros worldwide for the next five years.
The event was attended by the British Minister of Economy, Rachel Reeves, who rated the neobank's investment in the United Kingdom —valued at some 3.4 billion euros— like a”vote of confidence towards the British economy”.
Even so, the company is still waiting to obtain a full banking license On the part of Bank of England, while in the UAE it already has regulatory support to offer financial services to consumers and businesses.
Storonsky's move not only responds to strategic business reasons, but also to an environment much more favorable prosecutor in the United Arab Emirates.
1. While the UK Apply a personal income tax of up to 45%, The United Arab Emirates does not tax individual income, which represents substantial savings for those with high incomes or large assets.
2. As for the corporate tax, in the United Kingdom the general rate is 25% for large companies, while in the UAE only one applies 9%, and only on benefits greater than 375,000 dirhams per year.
3. El VAT British remains around the 20%, in front of the 5% from Dubai. In addition, UAE does not apply taxes on capital gains or personal dividends, unlike the United Kingdom, where these taxes vary depending on the type of asset and income level.
4. Las social contributions are also considerably lower in the UAE, since they mainly apply to Emirati citizens, while in the United Kingdom both the employer and the employee are required to contribute to the national system.
5. Finally, the process of tax residence It is more flexible in the Emirates: it is enough to have an investment, work or business visa and to reside legally in the country, without having to meet a minimum number of days as strict as the British one, which requires at least 183 days of annual residence.
In short, Dubai offers a highly competitive tax environment, with a reduced tax burden and policies that encourage the attraction of foreign talent and capital.
