Monaco is internationally known as a fashionable seaside resort and tax haven with a famous casino, beau monde and an annual Grand Prix in Formula 1 car racing. Monaco is a popular place of residence for Formula 1 drivers due to its tax laws, climate, and proximity too many of the European races on the F1 calendar. Here is five reasons why Monaco is a popular place for f1 drivers to live:
Tax laws
Monaco is a tax haven, meaning you do not have to pay tax on your income. The higher your wages become, you will not pay more. Ideal if you rake in millions a year and possibly earn more and more. On the other hand, life is not cheap, but that does make up for it.
Proximity to races
Monaco is the most central point of the Formula 1 calendar, allowing drivers to travel as short as possible. In addition, Monaco has hosted its own Grand Prix every year since 1929, meaning drivers don't have to leave their city at all.
Climate
Monaco enjoys a Mediterranean climate with mild winters and warm summers. This makes it an attractive place to live year-round, especially for drivers who may be traveling to different climates throughout the F1 season. The climate and the height difference in the city is ideal for the drivers to train by cycling or running.
Lifestyle
Monaco is known for its luxurious lifestyle and glamorous events, which can be appealing to F1 drivers who are often in the public eye and have high-profile social lives.
Safety
Monaco is a relatively safe place to live, which is important for high-profile individuals like F1 drivers who may be targets for theft or harassment in other parts of the world. The state also has a zero tolerance policy for paparazzi. This therefore provides absolute privacy for the drivers, so that they can train outside or go out without having cameras focused on them.
Here are all the active drivers who live in Monaco:
- Lewis Hamilton
- Valtteri Bottas
- Max Verstappen
- Charles Leclerc
- Lando Norris
- Daniel Ricciardo
- Alex Albon
- Nyck de Vries
- Nico Hulkenberg
- Sergio Perez
Overall, Monaco offers many benefits for F1 drivers, including tax advantages, convenience, lifestyle, and safety. It is no surprise that many drivers choose to call Monaco home.
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