The luxury reasons that F1 drivers live in Monaco
The principality is home to nine of the current 20 drivers on the 2023 grid:
- Lewis Hamilton
- Max Verstappen
- Charles Leclerc
- Lando Norris
- Valtteri Bottas
- Sergio Perez
- Nico Hulkenberg
- Nyck de Vries
- Alex Albon
There is no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax in Monaco according to Joe Pompliano, the sports and business expert.
A third of the population of Monaco are millionaires, there are 12,000 in total, he reports.
It means that F1 drivers will not be surrounded by adoring fans when they venture outside.
The Monaco government requires written permission for all professional photography which minimises the paparazzi to pester the millionaires.
To apply for residency in Monaco, you must deposit $535,000 in a local bank, where it remains until your residency ends. So not just any Joe Bloggs can move to Monaco!
Monaco is 15 miles from Nice airport - handy, if your day-job is to travel the world.
The weather and sea views are also incredible, obviously.
James was a sports journalist at Sky Sports for a decade covering everything from American sports, to football, to F1.
