Monaco is home to almost half of the 20 drivers on the current grid. Formula 1. The head of Mercedes, Toto Wolff also resides in the principality. The attractions go beyond tax exemption benefits.
The second smallest country in Europe, Monaco has a total area of just over two square kilometers. However, it is full of buildings and is home to a population of almost 40,000. Of this total, only a quarter were born in Monaco – Charles Leclerc is one of them – and a third are millionaires.
Despite its size, Monaco has several different districts, each with its own unique style. Monte Carlo is the best known, but there are also La Moneghetti, Condamine, Fontvieille, Larvotto and Monaco-Ville.
Currently, of the 20 F1 drivers, nine reside in Monaco – Charles Leclerc, Max Verstappen, Lewis Hamilton, Lando Norris, Nico Hulkenberg, Daniel Ricciardo, Valtteri Bottas, Alex Albon and George Russell, who joined them last year. The exact location of their homes is top secret, but occasionally fans can catch a glimpse of their everyday lives, like Lando Norris in his iconic Fiat 500 Jolly or, more recently, Charles Leclerc walking the streets with his new dog, Leo.
There are also many ex-pilot residents, including Nico Rosbergwho spent most of his childhood there; David Coulthardwho has been a resident since 1995 and was the owner of Columbus Hotel until 2020; Jenson Button; Mika Hakkinen; Riccardo Patrese; Stoffel Vandoorne; Daniel Kvyat; Antonio Giovinazzi; It is Paul di Resta.
So what’s the appeal of living in Monaco?
Good physical shape
Many drivers have their own gym rooms at home, but there are enough private gyms in the city to ensure they aren’t working out next to another F1 driver. Leclerc, for example, makes daily visits to his local gym.
Carlos Sainz, Ferrari SF-23, Lewis Hamilton, Mercedes F1 W14, Charles Leclerc, Ferrari SF-23
Photo by: Glenn Dunbar / Motorsport Images
However, it is the excellent weather, coupled with the excellent countryside nearby, that raises the standard of training, with many riders regularly cycling or running on the trails or winding roads that run through the hills or along the coast.
There are also plenty of spas to relax in, and several riders follow the practice of cryotherapy, where extreme cold is used to freeze and remove abnormal tissue.
Lifestyle
Residential properties can be expensive, but an F1 driver’s salary allows for opulent and luxurious places, most with stunning sea views over the harbour, making the perfect place to spend time between races.
There was a time when on-track rivalry meant that off-track friendship was impossible to build, but many of today’s drivers actually get along well – so living so close to each other can make life more sociable when they’re not on the track. track.
Dining in the city is excellent, with a wide range of Michelin-starred restaurants.
Many riders also spend time in the Mediterranean Sea, with lots of small bays for jet skiing and two harbors full of yachts – Leclerc has his own and spends many days traveling the 2.4 miles of coastline and beyond.
Meanwhile, in the mountains behind the city, roads that are great for cycling are also the perfect place for driving.
Privacy and security
Esteban Ocon, from Alpine F1 Team, signs an autograph
Photo by: Simon Galloway / Motorsport Images
It may seem strange, but Monaco really does offer F1 drivers a bit of normality! Exclusive privacy laws and severe restrictions on professional photography—for which express written permission from the government must be obtained—allow them to roam undisturbed.
Security is also high – in fact, Monaco is often cited as one of the safest countries in the world. The police-to-population ratio is seven times higher than in the UK and there are CCTV cameras everywhere, covering people’s every movement.
Logistics
The Principality’s location is ideal for the frequent traveler lifestyle of an F1 driver, being around 15 miles from Nice airport, which has an extensive network of private planes. There’s a helipad that can get you there in seven minutes.
And when F1 comes to town every year, of course, the drivers who live there can enjoy the unique experience of being able to return to their own apartments for the night and enjoy some home comforts during race weekend.
Climate
The weather is great all year round: mild and sunny in winter and warm but pleasant in summer, with plenty of places to cool off in air-conditioned apartments, private pools or in the crystal-clear waters of the Mediterranean Sea.
The area has its own microclimate, averaging more than 300 days of sunshine per year, and in winter it rarely drops below 10 degrees Celsius, while summer temperatures hover around a pleasant 30 degrees.
Fiscal paradise
Of course, we left the real benefit for last. All of the other elements make for a great lifestyle, but most of them can be enjoyed in many other places as well. The only really rare thing about living in Monaco is the financial advantages it offers.
The Red Bull Energy Station at the port
Photo by: Simon Galloway / Motorsport Images
Anyone moving there must have the financial liquidity of half a million pounds just to apply for a property, and to receive the tax benefits they must actually live there for six months and one day a year.
With these caveats and the additional condition that French citizens do not receive the tax advantages, the government does not charge any income tax, wealth tax, local tax, property tax or capital gains tax.
