Explained: Why do Formula 1 drivers live in Monaco?

Monaco is called as the ‘Crown Jewel of Formula 1’. It is the second smallest nation in the world next to Vatican City. But it is home to some of the world's richest billionaires and many call Monaco their home. For us Formula 1 fans, it is the home to Charles Leclerc and many other drivers. 

But did you wonder why F1 drivers are always spotted in Monaco rather than other big cities? Why do F1 drivers live in Monaco? For all your questions here is the answer: Monaco is the best place to live once you become a billionaire. Let's see that in detail.

Why do F1 drivers live in Monaco?

No Taxation issues

The biggest reason people move to Monaco is the tax benefits they get in the country. The Monacan Royal Family rules the place and they don't charge people income tax. Instead, they collect their taxes by 20% VAT on goods and services. Paying Tax for the things we buy is better than paying tax for everything like in India. F1 drivers are some of the highest-paid athletes and they want to invest their money in a place that is also financially feasible.

But if you are not a Monegasque and wish to move to Monaco you need to have a minimum of 500,000 euros available at all times. It does not apply to native Monaco people. The country's population is just 38,000 and only 25% of people are from Monaco like Charles Leclerc.

Monte Carlo

All the big billionaires and the royal family live in Monte Carlo. It has high wealth, luxury hotels, high-end shopping, yachts, glamour and lifestyle. The Formula 1 races we see in Monaco happen in the streets of Monte Carlo.

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Private life

Formula 1 drivers are always used to the Paparazzi culture. so everywhere they go photographers follow them and take photos. To escape from all these people they move to Monaco and enjoy their own life. Professional Photography is only allowed when the people get written permission from the government. 

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Natural beauty

The country is located on the banks of the Mediterranean Sea. Many residential buildings are built to face the sea giving an amazing view when you wake up daily. It also has many private yachts in which people party all the time and enjoy their life.  All the big attractions like the coastline, Mountains and airports are located nearby so that F1 drivers do not need to travel long and far away. The place is located very near to France and Italy so moving to central Europe is very easy from there.

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Which drivers live in Monaco?

Charles Leclerc is the hometown boy so apart from him, the reigning world champion Max Verstappen has been living in Moncao since 2015. He is living with his partner Kelly Piquet and her girlchild Penelope. Lando Norris also recently moved to Monaco and has been often spotted driving his Ferrari car.

Other than them Lewis Hamilton, Valtteri Bottas, Daniel Ricciardo, Alex Albon, Pierre Gasly and Carlos Sainz are living in Monaco. Many other drivers have houses, villas and Yachts in Monaco so they will come to the place for vacation and enjoy their time with their family. 

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