As one of the smallest countries in Europe, it may appear strange that so many Formula One drivers would choose to live in Monaco, especially since, except for Charles Le Clerc, there are no other Monegasque drivers on the current Formula One grid. So why do so many Formula one drivers choose to live in Monaco?
The seven reasons why Formula One drivers live in Monaco are:
- Monaco Is A Tax Haven
- Monaco Is An Easy Place To Travel From
- Monaco’s Formula One Community
- Monaco Is Extremely Safe
- Monaco Has Excellent Weather
- Monaco Sports Various Languages
- Monaco Has A High Standard Of Living
Although each driver may have their specific reasons for choosing to live in Moncao, the above reasons have been recognized by both pundits and Formula One drivers as some of the primary motivators why drivers would opt to live in Monaco. Let’s explore these points in greater detail below:
1. Monaco Is A Tax Haven
Monaco has fairly lenient tax legislation, which means that it has long been favored as a destination for wealthy individuals that want to secure their wealth by paying little to no taxes on income or Capital Gains tax.
Because Formula One drivers often earn large sums of money from various sources, including but not limited to:
- Driver’s salary,
- Signing bonuses,
- Performance bonuses,
- Race wins,
- Sponsorship deals, and
- Personal business ventures.
It would come as no surprise that drivers would look to house their various income sources under a single umbrella that provides lenient and favorable tax laws for high–income persons.
2. Monaco Is An Easy Place To Travel From
Given its proximity to multiple European countries and its relative proximity to the Middle East, United Kingdom, and Asia. Monaco is the perfect place for drivers to set up their home base due to the travel requirements to attend Grand Prixs worldwide (most of which are in Europe.)
Furthermore, the Monacan Grand Prix is one of the most prestigious events on the Formula One calendar. Thus the ease of access to the Monte Carlo track for race weekend is a big drawcard for all Formula One drivers who prioritize this event, given its reputation and international coverage.
3. Monaco’s Extensive Formula One Community
Because Monaco has been a beloved location for Formula One drivers throughout the years and is famous for the Monacan Grand Prix, Monaco has developed a large community of Formula One drivers, team principals, race engineers, pundits, and avid fans.
Consequently, similar to how certain locations may attract like-minded individuals on mass (such as Silicon Valley in the United States is a hub for tech companies), Monaco has marketed itself as the place to be for people in Formula One for both leisure and business.
Furthermore, with the improved relationship between drivers, particularly younger generations (such as the off-track friendships between Lando Norris, Max Verstappen, Alex Albon, and Charles Le Clerc), it’s no surprise that these drivers would want to congregate in Monaco.
4. Monaco Is An Extremely Safe Place To Live
As a result of its high GDP, neutral location/politics, and abundance of high-earning persons living or investing in property in Monaco, there’s no surprise that Monaco is considered one of the safest places in the world to live.
While this is a drawcard for any person looking for a place to live, it becomes even more important for Formula One drivers that have stepped into the realm of celebrity status where avoiding harassment and harm may be of greater concern than to ordinary people.
5. Monaco Has Excellent Weather
Because all Formula One drivers are athletes, a lot of them enjoy outdoor hobbies/sports such as sailing, running, swimming, cycling, golf, etc.
Fortunately, Monaco is world-renowned for having pleasant weather all year round, meaning that Formula One drivers that enjoy staying active outdoors can do so without being hindered by very hot summers or very cold winters.
Depending on where the drivers originate, this may be a welcome change (such as Valtteri Bottas, who comes from Finland) or maybe more akin to their home country’s weather as opposed (such as Sergio Perez and Daniel Ricciardo who come from Mexico and Australia respectfully.)
6. Monaco Sports Various Languages
Because of Monaco’s central location in Europe and its open policies regarding international tourism and business, Monaco has diverse communities that typically speak one of the multiple languages. These languages include:
- Italian, and
Therefore, Monaco is an easy country for Formula One drivers from across the world to acclimatize to, as the various languages are spoken means it is likely that drivers in the country can communicate with other people with ease.
7. Monaco Has A High Standard Of Living
Despite its small size and relatively negligible presence on the international stage for socio-economic or political issues, Monaco is an exceptionally wealthy country that prides itself on being a haven for high earning persons from across the world to move to.
Consequently, Monaco has all the amenities that would appeal to high-earning Formula One drivers (both young and old,) including but not limited to excellent restaurants, leisure facilities, beaches, infrastructure, nightclubs, bars, schools, and government departments.
How Many Formula One Drivers Live In Monaco?
There are an estimated nineteen Formula One drivers (both past and present) that live in Monaco:
- Lewis Hamilton
- Valtteri Bottas
- Max Verstappen
- Charles Leclerc
- Antonio Giovanazzi
- Daniel Ricciardo
- Alex Albon
- Lando Norris
- Nyck de Vries
- Paul di Resta
- Nico Hulkenberg
- Daniil Kvyat
- Sergio Perez
- Stoffel Vandoorne
- David Coulthard
- Nico Rosberg
- Mikka Hakkinen
- Gerhard Berger
- Riccardo Patrese
In conclusion, while Monaco appeals to various public figures, athletes, entertainers, etc. It has particular appeal for Formula One drivers, as highlighted by the seven points above.