Banking billionaire becomes latest ultra-rich lister to leave UK
Another billionaire leaves the UK
- Revolut co-founder Nik Storonsky has switched his place of residence to the United Arab Emirates.
- The move follows the abolition of the UK's non-dom tax status by Rachel Reeves in April.
- Storonsky, a billionaire with a net worth currently valued at $14.3bn, is among several ultra-wealthy individuals leaving the UK due to these tax changes.
- The non-dom regime previously allowed individuals to avoid paying UK tax on foreign income and capital gains.
- Revolut, which recently moved its global headquarters to London, is also expanding its operations in the UAE and seeking a full UK banking licence.