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Monaco is considered the home of almost half of the 20 drivers on the current F1 grid as well as Mercedes team boss Toto Wolff, but there are reasons other than the huge non-tax benefits that attract them over there.
One of the smallest nations in the world, Monaco has a total area of just over two square kilometers, just larger than London’s Hyde Park. However, it is full of buildings and has a population of nearly 40,000 inhabitants, a quarter of whom were born there – among them Charles Leclerc – and a third are millionaires.
Despite its size, it actually has many different neighborhoods, each with its own unique style. Monte Carlo is the best known, but others include La Moneghetti, Condamine, Fontvieille, Larvotto and Monaco-Ville, and an average property in some of these areas can cost twice as much as one in London’s exclusive Mayfair district.
Currently out of 20 F1 drivers, there are nine Monaco residents – Leclerc, Max Verstappen, Lewis Hamilton, Lando Norris, Nico Hulkenberg, Daniel Ricciardo, Valtteri Bottas, Alex Albon and George Russell, who joined last year. The exact location of their homes is top secret, but occasionally fans get a glimpse into their daily lives – like Lando Norris in his iconic Fiat 500 Jolly or more recently Charles Leclerc walking the streets with his new puppy Leo.
There are also many former drivers in residence, including Nico Rosberg, who spent most of his childhood there; David Coulthard, resident since 1995 and owner of the Columbus Hotel until 2020; Jenson Button; Mika Häkkinen; Riccardo Patrese; Stoffel Vandoorne; Daniel Kvyat; Antonio Giovinazzi; and Paul di Resta.
So what is the appeal of living in Monaco?
Aptitude
Many drivers have their own home gym, but there are enough private gyms in the city to ensure they are not training alongside another F1 driver. Leclerc, for example, visits his local health club daily.
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 exceptional climate coupled with the stunning surrounding countryside that takes training to another level, with many riders regularly cycling or running on the trails or winding roads through the hills or along the coast .
There are also many spas to relax in and several drivers practice cryotherapy, where extreme cold is used to freeze and remove abnormal tissue. Leclerc, for example, regularly goes to Thermes Marins Monaco for this.
Way of life
Residential properties may be expensive, but an F1 driver’s salary offers opulent and luxurious locations, many with stunning sea and harbor views, making them the perfect place to relax between groceries.
There was a time when rivalry on the track meant friendship was impossible to build, but many current drivers actually get along – so living so close to each other can make for a more sociable life when they’re not. are not on the road.
Dining out – if you have a deep wallet – is supreme, with a huge choice of Michelin-starred restaurants including Le Louis XV – Alain Ducasse at the Hôtel de Paris, La Table d’Antonio Salvatore at the Rampoldi and Pavyllon Monte. -Carlo.
Many drivers also spend time on the Mediterranean Sea, with many small bays for jet skiing and not one but two harbors filled with yachts – Leclerc has his own and spends many days traveling the 3.8 km of coast and beyond.
In the mountains behind the city, the roads ideal for cycling are also the ideal place to drive – and Verstappen, for example, is said to have a collection of exclusive supercars, including an Aston Martin Valkyrie worth £2 million sterling.
Privacy and Security
Esteban Ocon, Alpine F1 Team signs an autograph
Photo by: Simon Galloway / Motorsport Images
It may sound strange, but Monaco actually offers a bit of normality for F1 drivers! Unique privacy laws and severe restrictions on professional photography – for which express written permission must be obtained from the government – allow them to move around without harassment.
Security is also high: in fact, Monaco is often cited as one of the safest countries in the world. The ratio of police to population is said to be seven times higher than in the UK and there are CCTV cameras everywhere, monitoring people’s every move.
Logistics
The Principality’s geographical location is ideal for the lifestyle of an F1 driver, being approximately 24 km from Nice Airport, which has an extensive network of private aircraft. There is a helipad that can take them there in seven minutes.
And when F1 comes to town every year, of course the drivers who live there can have the unique experience of being able to return to their own apartment for the night and enjoy the comfort of home during the race weekend.
MoneyGram Haas F1 Team driver Hulkenberg spoke about the benefits of this, saying: “It’s a nice change from the normal routine. It’s a bit strange coming home every night and between sessions, but it puts me at ease.”
Climate
The weather is ideal all year round: mild and sunny in winter and warm but pleasant in summer, with plenty of places to cool off in the air-conditioned apartments, private pools or the crystal clear waters of the Mediterranean Sea.
The region has its own microclimate with an average of over 300 sunny days per year and in winter the temperature rarely drops below 10 degrees Celsius, while summer temperatures hover around a pleasant 30 degrees.
Fiscal paradise
Of course, we saved the real benefit for last. All the other elements contribute to a great lifestyle, but most of them can be enjoyed in many other places as well. What is truly rare about living in Monaco is the financial benefits it offers.
The Red Bull Energy Station in the port
Photo by: Simon Galloway / Motorsport Images
Anyone moving in must have financial liquidity of half a million pounds just to apply for a property and to benefit from the tax benefits, one must reside there for six months and one day per year.
Taking into account these reservations and the additional condition that French nationals do not benefit from tax advantages, the government levies no income tax, no wealth tax, no local tax, no property tax or no tax on capital gains.
When Norris moved there, he said he did so for “the reasons you would probably expect” and explained: “It’s something a lot of pilots are obviously going to do, and especially with the The way the race goes – you’ve seen it with a lot of the drivers, how quickly things can go downhill too.
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