The tiny principality of Monaco is often the preferred choice of living destination for most Formula 1 drivers. Owing to the low tax rates, the country acts as the perfect haven for those looking to make massive savings on their multi-million dollar payouts. However, Kym Illman reports that the $0 tax law (conditions applied) isn’t the only law that makes Monaco the perfect country for millionaires and F1 stars.
Apart from the many F1 drivers residing in Monaco permanently, a multitude of millionaires have also chosen the country as their home. Nearly 11,000 residents, which is ⅓ of the total population of the country, are millionaires. Hence, to protect those already living there and to attract more rich customers, the country has another law up its sleeve.
Monaco has a special law to help Formula 1 drivers live in peace
Boasting a healthy 260k subscribers on YouTube, Kym Illman posted his latest video about the current homes of the F1 drivers. During the video, Illman shed light on a lesser-known law in the country that prevents paparazzi from operating as freely as they do.
Well aware of the various high-profile residents within the country, the government has issued an order that requires written legal permission for all professional photography. Thus, the law minimizes the constant pestering by the paps and allows the rich residents to lead a relatively peaceful life.
As such, the law gives the Formula 1 drivers a great reason to move to Monaco permanently. However, the financial aspects aren’t the only reasons behind the drivers having permanent homes in the country.
Monaco offers a lot more comfort to the F1 drivers
Given its central location, Monaco acts as a great point of commute when the Formula 1circuit tours the European continent. It allows them a much more relaxed itinerary as opposed to when they visit other continents for a race. Additionally, the weather is much more moderate as opposed to the other regions of the continent where temperatures can be on the extreme ends.
What makes the wealthy flock to Monaco?
Zero personal income tax and capital gains tax.
F1 drivers like Charles Leclerc, Lewis Hamilton, Max Verstappen, Checo Perez, Valtteri Bottas, and Lando Norris get to keep all of the money they earn through salary and sponsorships. pic.twitter.com/m8xjTCSxh6
— Vincenzo Landino (@vincenzolandino) May 28, 2023
Lastly, with a Grand Prix being held at Monaco, it gives all the drivers a chance to experience a ‘home, away from home GP,’ which adds to the excitement of the race at Circuit de Monaco.
