Nikolay Storonsky—Nikolay Storonsky changed tax residency from UK to UAE, potentially avoiding £3 billion in capital gains tax
In October 2024, Revolut CEO Nikolay Storonsky relocated his tax residency from the UK to the UAE. This move could allow him to avoid approximately £3 billion in capital gains taxes that would have been due on his Revolut stake if sold while a UK resident. The UAE has no capital gains tax, making it a popular destination for wealthy tech executives.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Tax Practices | -against | primary | -1.00 |
| Overall incident score = | -0.885 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.59)
Evidence (1 signal)
Changed tax residency from UK to UAE, potentially avoiding £3 billion in capital gains tax
Nikolay Storonsky officially changed his residency from the UK to the United Arab Emirates in October 2024, according to Companies House filings. By leaving the UK before any Revolut liquidity event, he could save more than £3 billion in UK capital gains tax on his 29% stake in the $75 billion company.