F1 drivers rarely choose to live in their original country of birth. Some of the highest-paid athletes in the world, they are usually based out of Monaco because the country is a tax haven. Some drivers also choose other countries with lenient tax laws like Switzerland. Nevertheless, multi-millionaire Lewis Hamilton uprooted himself from his hometown, but not for the money.
Hamilton decided to move out of the United Kingdom in 2007 and settle in Switzerland. A lot of wealthy foreigners decide to move to Switzerland because just like Monaco, it is also a tax haven; following in the footsteps of several other drivers who did the same.
Others who have moved to Switzerland include the likes of Kimi Raikkonen, Fernando Alonso, Sebastian Vettel, and Michael Schumacher.
Add to this the high standards of living and increased security, and it slowly starts to become clear why celebrities decide to move to Switzerland. However, according to Hamilton, taxes were not the reason why he moved to the Alpine country.
Lewis Hamilton on the quest for a better life
In his book “My Story”, Hamilton claims that moving abroad was not about taxes at all. The Briton managed to earn around $1 million in 2007 and still decided to leave his home country and get settled abroad.
“Despite what has been said in the newspapers, moving abroad is not about tax. I love England and I am happy to pay my tax if I live there,” claimed Hamilton.
"Been super grateful to be home in Monaco the past couple days before more travelling.Hope you are having the best day today" @LewisHamilton via IG story pic.twitter.com/VfscwuxNNV
— Lewis Hamilton 💜 (@teamlhgreece_) March 22, 2023
He insisted that there are places that are better for tax reasons, but it’s not what he was looking for. “Money is not the decider in my life – quality of life is. I would happily move anywhere in the world to regain some quality of life.”
Lewis Hamilton’s tax affairs
Hamilton did end up moving again as he relocated from Switzerland to Monaco in 2012. When asked about his reason to move to Monaco, he claimed that life in Switzerland was becoming a bit too boring for his taste.
In an interview published in Eurosport, the Briton claimed, “It was a bit boring where I was living before, not many people around, so it was good to move,”
Many people have criticized Hamilton because of his tax evasion strategies – the move to Switzerland and later Monaco. Most recently, British heavyweight boxer Tyson Fury took a jab at Hamilton in 2021 claiming that, unlike the F1 driver, Fury pays taxes to his home country.
However, despite all the allegations and the criticism, HMRC – the tax authority of the UK, published a statistic highlighting the top taxpayers of the country. Lewis Hamilton is among the top 5,000 highest taxpayers in England even though the F1 racer has lived in Switzerland and Monaco for the majority of his career.
