The list of Monaco residents includes Lewis Hamilton, Max Verstappen, Charles Leclerc, Lando Norris, Oscar Piastri, George Russell, Nico Hulkenberg, Liam Lawson, Oliver Bearman, Alex Albon, and Carlos Sainz. Charles Leclerc stands out as the only native Monegasque among them, while the others have chosen to relocate for a combination of practical and financial reasons.
Monaco’s appeal for F1 drivers starts with its unbeatable location. The principality is just 15 miles from Nice Côte d’Azur Airport, one of Europe’s busiest international hubs. For drivers who travel more than 75,000 miles each year to races, sponsor events, and testing, quick access to major airports is a major advantage. Many drivers even use helicopters to cut the transfer time to just seven minutes, making Monaco the perfect base for a global lifestyle.
Privacy is another major draw. Monaco is home to about 12,000 millionaires, roughly a third of its population, so celebrity is nothing unusual. The government enforces strict privacy laws, including requiring written permission for professional photography, which means F1 stars can enjoy a level of anonymity and peace that’s hard to find elsewhere. Security is tight, with a high police presence and extensive surveillance, further shielding residents from paparazzi and overzealous fans.
The climate and lifestyle are also significant factors. Monaco enjoys around 300 days of sunshine a year and offers a luxurious Mediterranean lifestyle, complete with stunning sea views, world-class restaurants, and a vibrant social scene. For F1 drivers, who are rivals on track but often friends off it, living in close proximity allows for a unique camaraderie and social life that’s hard to replicate elsewhere.
However, the biggest reason for the F1 migration to Monaco is financial. Monaco is famous for its zero personal income tax, no wealth tax, no local tax, no property tax, and no capital gains tax. For drivers earning tens of millions of dollars each year, the tax savings are enormous—potentially amounting to millions in additional take-home pay just for changing their address. To become a resident, foreigners must deposit at least €500,000 in a local bank, but for F1’s highest earners, this is a small price to pay for the financial freedom Monaco offers.
There are exceptions. French drivers like Pierre Gasly and Esteban Ocon do not benefit from Monaco’s tax exemptions due to a bilateral agreement between France and Monaco, so they choose to live elsewhere, such as Switzerland or Italy. Not every driver opts for Monaco—some, like Fernando Alonso and Lance Stroll, prefer the privacy and tax advantages of Switzerland, while others maintain homes in their native countries for family or cultural reasons.
Ultimately, Monaco’s unique blend of location, privacy, lifestyle, and tax advantages has made it the epicenter of the Formula 1 world off the track. For F1 drivers, living in Monaco isn’t just about luxury—it’s a strategic choice that supports their demanding careers, protects their privacy, and maximizes their earnings in one of the most glamorous settings on earth.
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