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Banking billionaire becomes latest ultra-rich lister to leave UK - THE INDEPENDENT
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The co-founder of finance app Revolut has become the latest billionaire to abandon the UK following rule changes around tax breaks.
A corporate filing at Companies House shows that Nik Storonsky has switched his place of residence to the United Arab Emirates, shortly after his bank app firm relocated to new global headquarters in Canary Wharf, London.
Mr Storonsky’s personal net worth is currently valued at $14.3bn (£10.6bn) by Bloomberg’s Billionaires Index, placing him just outside the top 200 richest people on the planet. He is, or was, among the richest businessmen in Britain.
He owns around a 25 per cent stake in the company and remains its chief executive.
With the UK’s non-dom regime being abolished by Rachel Reeves in April, several ultra-wealthy individuals and families have moved their tax residency overseas. It previously meant they could avoid paying UK tax on foreign income and capital gains.
HMRC data showed 400 people with non-dom status leaving the country before the rule change, compared with Bloomberg reports of 4,400 business leaders filing papers to do so across the past year.
Mr Storonsky was born in Russia but renounced his citizenship following the invasion of Ukraine and had taken up British citizenship. There is no confirmation that this has changed along with his residency.
Revolut secured a UK banking licence last year with some restrictions, and continues working toward a full licence. It has also been seeking to buy a bank in the UAE and increase hiring in the region in a bid for increased global expansion, reports the Financial Times.
There remains speculation over where the company will opt to float on the stock exchange, with a dual listing in New York and London seemingly still a possibility.
An internal share sale round recently valued Revolut at $75bn (£55bn); if publicly listed at that market capitalisation value, it would make the digital bank bigger than Barclays (£53bn) or Lloyds (£49bn).
Mr Storonsky worked at Lehman Brothers and Credit Suisse before co-founding Revolut in 2015.
