Many Formula 1 stars call Monaco home, and it’s not just because of the big tax benefits. Monaco is one of the world’s smallest countries, only a little over two square kilometers big. But it’s packed with buildings and about 40,000 people live there. A lot of them were born there, like Charles Leclerc, and many are millionaires.
There are different parts of Monaco, each with its own style. Monte Carlo is the most famous, but there are others like La Moneghetti, Condamine, Fontvieille, Larvotto, and Monaco-Ville. Houses in Monaco can be twice as expensive as those in London’s fancy Mayfair area.
Almost half of the current F1 drivers live in Monaco, like Leclerc, Max Verstappen, Lewis Hamilton, and others. They keep their exact homes secret, but fans sometimes catch glimpses of their daily lives, like Lando Norris driving his Fiat 500 Jolly.
Many retired F1 drivers also live in Monaco, like Nico Rosberg, David Coulthard, Jenson Button, and others.
So, why do they choose Monaco?
Fitness
Monaco’s great weather and beautiful countryside make it perfect for training. Many drivers cycle or run on the hills or along the coast. They also have spas and some even use cryotherapy to relax.
Lifestyle
Even though houses are expensive, F1 drivers can afford luxurious places with amazing views. Monaco is also a social place, and many drivers hang out together when they’re not racing. There are lots of fancy restaurants and places to relax, like the Mediterranean Sea.
Privacy and security
Monaco has strict privacy laws, so F1 drivers can move around without being bothered. It’s also one of the safest countries, with lots of police and security cameras.
Logistics
Monaco is close to Nice airport, so it’s easy for drivers to travel. During the Monaco Grand Prix, drivers can go back to their own homes and relax between races.
Climate
The weather in Monaco is great all year round, with lots of sunny days. Even in winter, it’s mild and sunny, and in summer, it’s warm but not too hot.
Tax haven
One of the biggest reasons F1 stars move to Monaco is for the tax benefits. Monaco doesn’t have income tax, wealth tax, property tax, or capital gains tax. As long as they live there for six months and one day every year, they can enjoy these benefits.
