The migration of millionaires and billionaires from Britain is continuously increasing. The main reasons for this are changes in the tax policy, economic uncertainty and investment related challenges. Recently, many big billionaires like Christian Angermayer, Aston Villa owner Nassif Sawiris and shipping tycoon John Frederickson have left Britain and moved to the United Arab Emirates (UAE).
Where are the rich people going?
Countries like UAE, America, Italy and Switzerland are proving to be more attractive for wealthy individuals, because the tax rules in these countries are relatively simple and better opportunities are available for investment.
Why are billionaires running away?
Now another name has been added to this list – that of Nik Storonsky. forbes According to the report, Britain’s Companies House Filings It has been revealed that Nick Storonsky, co-founder of digital banking app Revolut, has changed his official residence from Britain to UAE.
The move comes at a time when the UK government has scrapped the “non-domiciled tax” system, which exempted foreign nationals from paying UK tax on their overseas income.
Who is Nick Storonski?
41-year-old Nick Storonsky was originally born in Russia. Although he still has a home in the UK, his official residence is now registered in the UAE, where Revolut is launching its new business.
Storonsky’s business and investment ties in the UAE are also continuously growing. He founded Revolut in 2015, which has today become a global fintech company with 65 million users and a valuation of $75 billion. According to Forbes, as the largest shareholder in the company, Nick Storonsky’s total stake is worth about $8 billion.
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