Why do F1 drivers live in Monaco?

Monaco is a magnet for F1 drivers, here is everything you need to know about it.

<strong>Why do F1 drivers live in Monaco?</strong>

F1 drivers. Image via F1.

Monaco is one of the most glamorous places in the world. It is a hub for motor racing. The Monaco GP, one of the most iconic races, is held here. It is one of the most attractive places for a Formula 1 driver to reside. It will not come as a surprise if half of the current grid lives in this country. Lewis Hamilton, Valtteri Bottas, Max Verstappen, Charles Leclerc, Alex Albon, Nico Hulkenberg, Daniel Ricciardo, and others live in Monaco.

Former world champions like Jenson Button, Mika Hakkienen, Nico Rosberg, and so on are based in Monaco. Other F1 drivers like David Coulthard, Mark Webber, and Daniil Kvyat live here. F1 drivers have been living in Monaco for decades. There are several reasons why they love to live here. Monaco has warm and pleasant weather. It is on the coast and has a buzzing social life. 

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Monaco is quite safe and is located in Europe, which is an advantage for F1 drivers. Most of the F1 races are held in Europe. This makes it easy for the ones living in the City-State. F1 drivers and other athletes have a good income. Hence, Monaco is the perfect place for them to reside and start their investment ventures as it is considered a “tax haven”.

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What is the primary reason for F1 drivers to live in Monaco?

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Monaco. Image via Firstsportz.

The principal reason for moving to Monaco is financial. Monaco is a tax haven. The business and personal tax policies are lenient. The taxes on income, capital gains, and wealth do not apply to the residents. There are no inheritance taxes as well. These rules make it convenient for F1 drivers and other residents. They get to keep the money they earn from their salaries.  

The F1 drivers often get criticized for this move. Lando Norris, the McLaren driver, once mentioned, “Of course, I’ll understand, and there’s going to be some criticisms. But people do many things in life for money. This is just another one.” There is a huge financial advantage in a place like Monaco. Simply put, there is no tax to pay if you live here.

What are the other benefits of living in Monaco for F1 drivers’?

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Monaco. Image via RTR Sports.

There is a high standard of living. Monaco has an exceptional healthcare system. Both employers and employees and foreigners as well contribute to the healthcare system. However, the F1 drivers are hardly around. They travel most of the year. And when they do get a break, they return to this beautiful place and enjoy the warm Mediterranean climate. There is high security and CCTV everywhere. It is no wonder the F1 drivers find it easy to just go about doing their things.

The United Kingdom is close by, and most of the teams are based out of here and in Europe. There are ski resorts, and the lifestyle is epic. There are cultural events, extravagant parties, and music throughout the year. All types of cuisines are available here. The F1 drivers and other athletes who reside in Monaco make the best out of place.

Charles Leclerc is often seen driving around in his Ferrari. Verstappen is usually spotted jogging. Lewis Hamilton has shared several videos of him going for a run in Monaco. The drivers love the place. With the high income and sponsorships of the F1 drivers, it is financially friendly for them. They have a tax and commercial advantage. Most of the action happens in Europe, Monaco’s proximity to the other big cities is another advantage. Switzerland is also a favorite for many drivers but does not offer lenient tax laws like Monaco. It is safe to say that half of the grid lives in Monaco for these reasons.

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