UK Billionaire Nik Storonsky Moves To UAE, Becomes The Latest Ultra-Rich CEO To Leave London
https://www.forbes.com/sites/iainmartin/2025/10/07/revolut-billionaire-ceo-is-the-latest-ultra-wealthy-founder-to-leave-london-after-tax-change
by Choobeen
36 comments
>Nik Storonsky, cofounder of digital banking app Revolut, is the latest billionaire to shift their residence away from the U.K. after the government scrapped a generous tax break earlier this year
This company?
BBC News – Revolut customers say e-money firm failed them after being scammed – BBC News
https://www.bbc.co.uk/news/articles/cj6epzxdd77o?app-referrer=deep-link
Revolut still the worst UK firm for fraud complaints, warns Which? https://share.google/hnYMZJQD2QXciDhCw
Revolut: Could allegations of Russian involvement sidetrack a fintech revolution? – IMD business school for management and leadership courses https://share.google/dMY6chVMZoCPZ0DGi
I’m sure that he’ll be greatly missed.
From the article: The 200-year-old tax rule had turned the British capital into a hub for the global rich by allowing them to avoid UK taxes on overseas earnings for up to 15 years.
He was probably never here anyway, this was simply where he resided for tax purposes
Hardly news tbh. It’s been fairly well known he’s been here in UAE for some time, and they recently announced Revolut was coming to the UAE.
I think the papers just picked up on recent Companies House updates. None news.
Alternate Headline: “Man who became obscenely wealthy off other people’s labor leaves country to avoid giving back”
This guy would be the one to have reason to disappear when it was his turn to buy a round.
Wow someone who doesnt contribute to the collective good of our country leaves.
Good riddance i say.
The story is categorically false. He was claiming non-dom status. In other words, he was telling HMRC that he **didn’t** live in the UK.
If he didn’t live in the UK before, how is he “leaving the UK” now? He’d have to live in the UK to leave the UK.
His **business** is still in the UK so he’ll still have to pay UK taxes on his UK earnings.
Also “latest” is doing a lot of heavy lifting here. It’s been a whole **year** since he filed his change of residency.
I doubt the UK taxpayer loses much with this. He’s gone from only paying taxes on his UK earnings to…. only paying taxes on his UK earnings.
When I moved to the UK, Revolut bombarded me with ads promising easy digital banking for immigrants. Trying to follow the easiest way to get my income deposited into a UK bank account, I tried to set up with Revolut. It was a nightmare.
Anyway, years later I am still a happy Monzo customer.
I just don’t know what people are suggesting he would do otherwise? We charge him 0 tax and he stays? What’s the point of that? Give a section of society – those who benefit most from the Uk – an opt out from our tax rules? How exactly would we pay for anything?
There is nothing you can do to actually capture that tax revenue and we should stop pretending we’re missing out on it. It’s all fun and games when tories harp on about “economic illiteracy”, but their argument when it comes to these people is “let them pay nothing and hope”.
Sounds like a great company with all the scam warnings. So the guy sets up a dodgy company and now does not want to pay what he owes, sounds like good riddance then. Will fit right in in UAE!
I’m not sure why I get why people get stressed about billionaires moving away. They don’t pay any significant tax in the UK probably less than the average earner. they employ three people to clean their house full-time on minimum wage and actually are a drain to society not something positive. We don’t need billionaires we need people who contribute to society and the societal purse.
Billionaires are a major societal issue. I am intensely relaxed about them going elsewhere.
He can’t take his assets with him, it’s about time we started taxing them for the super rich
Good! He wasn’t contributing shit he can go sponge of another country.
Good, let him bloodsuck off of another country. Leaves more room for someone else to be successful here. Hopefully someone that actually appreciates the country
Honestly, why don’t we just ban them from operating their business in the UK? If the UK made him a millionaire, just ban his business and fine companies that offer his services.
Bet the tit changes his tune pretty fast.
See.. the billionaires and millionaires will leave whether you tax their wealth or not. So just do it.
We should end non dom status. It’s amazing how the richest in the uk (who fund political parties and hoover up contracts) suddenly don’t live here when it comes to paying their fair share.
This narrative of the wealthy leaving is almost entirely false and made up scaremongering.
Even if people do leave, they still own British assets
Hope he enjoys life in that featureless dessert sauna
I’m glad he’s left, simply because he looks so annoying. Looks like someone who would corner a woman at a party and then talk at her for an hour about his crypto podcast.
So I’m for the wealth tax idea that Gary has if it’s done in a way that doesn’t cause a liz truss level of economic screw up
What can be done to actually address billionaires and multi millionaires leaving
Because the middle class and working class can’t take much more of this standard of living decline.
And if that isn’t addressed the only options people will be left with oh the table is far right anti immigration or full communism
And neither of those would actually solve the standard of living decline issue and actually keep the economy intact.
another rich russian moves to Dubai. how original. the only point in going there is to flash your cash and dodge taxes. it’s a horrible place imo.
Good riddance. Hopefully he sells off any properties and other assets he owns here.
Translation: Economic parasite heads to country where slavery is legal to avoid paying his far share.
Of course…why should you pay taxes? Why you should give back to the communities? Is your hard earned money…/s
Good hopefully the rest of the parasite class follow him.
*” Man who paid no tax before, continues to get away with it”*
Did anyone of you lived there?
Man just idi.t. There’s no life there. Half year you need to hide behind air conditioning.
Not to say strict policies which don’t allow you to live western life. Or hide behind the walls
Billionaires are only useful if they’re creating jobs, spending obscene amounts of money, or spearheading innovative in any the country they’re in. If we wasn’t doing any of that here, then it’s no great loss. I’m just saying, Billionaires aren’t inherently a loss, just because they’re billionaires.
Don’t let the door hit you on the way out, scumbag.
Now Labour, get a wealth tax in and start taking everything he owns in the UK. Won’t pay? We’ll take it away!!
Fantastic news another ultra rich no body has gone 🥂
Still struggle to comprehend why people with more money that can ever be spent in a single lifetime don’t want to pay tax.
Fuck Revolut. They cost me £180 on their mistake.
I was on a honeymoon cruise with my wife. I finally use my card at the end of the cruise to buy a $30 photo, the balance is 0, so I top it up. Balance on the screen says it’s now topped up. I purchase photo.
Later when I get home they charge me £150, for going into a non existent overdraft. Apparently the balance really didn’t get topped up, like a delay or something. And they instantly start threatening me with debt collectors if I don’t pay, with no recourse on getting this sorted out.
So it ends up being the most expensive photo I’ve ever bought, but still worth it: https://i.postimg.cc/Pxr87VyT/IMG-0587.jpg
Till this day; I get spam emails from Revolut asking me to update my account details. It’s been 8 years, get a clue, I don’t want to use your shitty services anymore.
Unless he has figured out how to move his assets out of the country as well I am not really sure what the problem is.
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