Newest F1 driver in town George Russell comments on his move to ‘tax haven’ Monaco, claims he is ‘the happiest he’s ever been’
George Russell talked about his new residence in Monaco and why he loves being in the principality.
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Formula 1 racers are some of the highest paid athletes in the world, with their yearly salaries amounting to millions of dollars. While Logan Sargeant is reportedly the least paid driver on the current grid with a package of $1 million from Williams, the reigning World Champion Max Verstappen has the highest pay with $55 million yearly salary. And the taxes levied on such a massive annual income is, unsurprisingly, almost sky-high. In order to avoid paying this extraordinary amount, most racers often flee to the most renowned tax haven–Monaco.
Quite a few F1 racers are famous for their lavish residences in Monaco, including former McLaren recruit Daniel Ricciardo, his ex-teammate Lando Norris, and the two-time F1 title-holder Max Verstappen. Added to this, Charles Leclerc is a Monegasque by birth, and he still resides in the principality. And joining this list is Mercedes driver George Russell, who recently moved to Monaco, a couple of years into his huge contract with the Brackley outfit.
While most believe Monaco’s taxation structure is the biggest reason for it being a hotspot for its celebrity residents, George Russell has highlighted that the shift from his native country Britain has helped his mental health as well. The 25-year-old commented, “I’ve been here for five or six months now, [I’m] really enjoying it, being a kid from the country, growing up in a field and looking at grey skies, and nothing other than my Labrador. It’s probably the happiest I’ve been ever in my life, these past six months or so. Very glad to be here.”
Monaco’s no-income-tax policy helps George Russell save up on his $6.56 million salary
Monaco has not levied taxes based on the income of its residents since 1869. But to qualify for this law, George Russell needs to live in Monaco for at least six months, and then at least for one day each year. Some of the Monaco people who are famous in the F1 world include Nico Rosberg, David Coulthard, as well as Mika Hakkinen. Speaking of the community that he is currently enjoying in the principality, Russell said, “Being here, [there is] a really great community, some good friends, jumping in the sea every single day training and with sunshine. As I said, it’s exceeded my expectations.“
While George is happily settled in his new residence in Monaco, the Briton is closing in on a good F1 season as well. Even though the first few races were below expectations for his team and himself, he got his first podium win in 2023 last week at the Spanish GP with his partner Lewis Hamilton snatching P2 right ahead of him. The Silver Arrows’ double podium has led to the return of hopes to their Brackley headquarters, and now fans are looking forward to seeing even better results from the team at the upcoming races.
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Riddhi Mondal
(1821 Articles Published)