Monaco is one of the most special destinations in the F1 calendar, with the Grand Prix over here being more of a celebration, because of its historic appeal. Apart from being a hot racing destination, Monaco is also like home to most drivers.
In the current grid, plenty of drivers have created their residence in Monaco; the lot include Lewis Hamilton, Valtteri Bottas, Alex Albon, Max Verstappen, Charles Leclerc (who was born there), Lando Norris and many more.
This trend is not new and has been followed for decades, as drivers from the previous generations have also made it their abode, including David Coulthard, Mika Hakkinen and Gerhard Berger.
So why is Monaco is so attractive to all the F1 drivers that they go on to make their homes over there? There are certainly multiple factors behind it.
Monaco is the best tax haven for F1 drivers
A video released by the BBC on YouTube in 2008 shows why F1 stars of the 1990s used to live in Monaco, where it was revealed that Monaco was an ideal location for all the drivers.
The most important decision is zero taxes; these drivers have to pay from their earnings. F1 drivers earn a lot of money, and consequently, they are forced to pay millions of dollars in taxes. To avoid this, they look for tax havens, and there are few places better than Monaco.
Even though the city is massively expensive, the amount of money these drivers save by not paying taxes, helps them lead a comfortable and luxurious life. This transpires into modern day F1 too, where saving tax is a huge thing.
There are other things too, that makes and F1 driver want to reside in the principality of Monaco. Factors other than taxes play a huge role in them making this decision.
Location
In addition to the tax benefit, Monaco seems to have the perfect location for F1 drivers when it comes to traveling to races. Centrally located, it leads to lesser travel time for the drivers, especially when they have to travel for European races.
Also, when these F1 drivers are not working, and are taking time off from race weekends, they can unwind in the principality, one of the most picturesque places to reside in. This short travel helps them save time, which crucial in the recovery of F1 stars.
In addition to the geographic location, the demographic of Monaco also helps these drivers lead a very peaceful life.
Why Monaco offers F1 drivers a very peaceful life
F1 drivers are some of the most popular athletes in the world. They have huge fan following, and living in places flooded with fans nearby could cause a hinderance in their daily lives. Hence, living in a place like Monaco allows F1 drivers to lead a peaceful life, full of privacy.
Monaco is an expensive place to live, and is home to several celebrities away from the F1 world. They all reside there to avoid similar problems – keeping away from the public eye.
Even in terms of tourism, not a lot of people visit the principality (at not as much as global tourist hubs like London or Paris).
F1 drivers who reside in Monaco
There are several F1 drivers from the current grid who reside in Monaco. Seven-time world champion Lewis Hamilton lives in the principality, and so do his arch rivals Max Verstappen and Nico Rosberg. Hamilton’s current team principal Toto Wolff too, lives in Monaco.
Other drivers who stay in Monaco right now include Charles Leclerc, Lando Norris, Alex Albon, Valtteri Bottas and Sergio Perez.
