Thanks to his latest McLaren contract, Lando Norris earns a staggering $20,000,000 per season and interestingly, he can make some big savings out of it. As per veteran F1 photojournalist Kym Illman, the McLaren driver used to live in Woking near the team’s base before shifting to Monaco in 2021. This will allow him to save about $9,000,000 in taxes.
Monaco is a haven for high-earning individuals as the principality does not charge taxes for living there. Apart from billionaires, and millionaire businessmen, the European country is also a go-to place for F1 drivers. Admittedly, Monaco also does not have any wealth, property, local, or individual capital gains tax.
View this post on Instagram
Therefore, like multiple other F1 drivers, such as Max Verstappen, Valtteri Bottas, Daniel Ricciardo, Nico Hulkenberg, etc. Norris chose to shift his residence from the United Kingdom to Monaco. As a result, he saves $9,000,000 in tax money. As monetary gain was in question, hence, it is understandable why he chose to move out of his home country.
Illman revealed the astonishing figure Norris would save
Illman recently talked about Norris shifting his residence from the UK to Monaco on his official YouTube channel. There, he opened up about how the Bristol-born driver will save a huge chunk of his salary because of this move.
Talking about this, he said that the Briton would not have to pay 45% of his income that he had to pay in Great Britain. The tax rules of the UK state that anyone earning over $160,000 will have to pay 45% as tax.
However, the 23-year-old is not the only Briton to be accused of taking tax exile. Seven-time world champion Lewis Hamilton has also been accused of shifting his residence away from his home country.
Lando Norris joined Hamilton in the tax saving list
There were multiple reports on how Hamilton moved away from his home country and shifted to Switzerland to save taxes. But as per HMRC, he is still on the list of the top 5000 taxpayers in the UK.
Furthermore, Hamilton once revealed that he has to pay taxes in several of his residence countries. Apart from the UK, he also pays taxes for his homes in Monaco, the United States, and of course, Switzerland.
On the other hand, Lando Norris and his family are worth over $250,000,000. Therefore, together with everyone in the Norris family, they could have contributed a lot to the economy of their country United Kingdom, had Lando chosen to stay there.
