Why do F1 drivers live in Monaco?

Nearly half of the current F1 grid calls Monaco home.

This weekend’s F1 Monaco Grand Prix will be a short commute from their glamorous homes.

Mercedes boss Toto Wolff is another high-profile resident.

Nico Rosberg, David Coulthard, Jenson Button and Mika Hakkinen also live in Monaco.

The exact locations of the F1 drivers’ homes remains top secret. But we do know that they all reside in the luxury nation, which is one of the world’s smallest.

Monaco has a population of approximately 40,000 people. A quarter of its residents were born there, including Ferrari’s Charles Leclerc.

One third of the population are millionaires.

Buying a property in the neighbourhoods of Monte Carlo, La Moneghetti, Condamine, Larvotto, Fontvieille or Monaco-Ville would cost more than some of the most exclusive parts of London.

But why do so many F1 drivers live in Monaco?

Tax reasons

Monaco is a tax haven for the rich.

Anybody who applies to live in Monaco must prove they have £500,000 in their bank account.

If you then stay in Monaco for more than 50% of the calendar year, there are major financial perks to be gained.

The local government do not charge residents of Monaco any wealth tax, local tax, property tax or capital gains tax.

Security

High-profile individuals have unique needs.

Monaco allows them the possibility to have privacy and security, which living in a major city could not provide.

There are local laws prohibiting photography. It is a clampdown on paparazzi.

Monaco is renowned as being safe because its millionaire residents are able to boast security teams.

There is CCTV all over Monaco which means the nation does not require a heavy and visible police presence.

Travel

F1 drivers do a lot of travelling and Monaco is a useful place to stay between trips.

It is close to Nice airport, which has a significant usage by private planes.

A heliport in Monaco can transport you to Nice airport in seven minutes.

F1 drivers will go back to their homes when the grand prix is in town, at the end of each day.

Weather

Unlike the gloom of the UK, F1 drivers can enjoy the sunshine of the Principality.

It is mild in winter but gloriously hot during summer.

On average, Monaco is sunny for 300 days per year.