Why Do F1 Drivers Live in Monaco?

Monaco is a sovereign state which can be found nestled between France and the Mediterranean Sea, while just a short ways away from the country of Italy.

It is a municipality of two distinct halves. On the one hand, picturesque beaches line the Azure Coast and sprawling grasses and trees stretch for miles and miles around the city’s periphery.

Then you have the city proper, a real fantasy world of French, Italian and Spanish architecture harking back to La Belle Époque.

There is no doubt that Monaco is a very attractive and beautiful place to live in, but why do so many Formula 1 drivers, both current and past, decide to reside there?

2013 Monaco Grand Prix - Sunday | Monte Carlo, Monaco 26th M… | Flickr
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A Question of Tax

There are only a few places in the world which don’t tax their residents. Monaco is one of them. In other words, the Monegasque do not have to pay any income tax, inheritance tax or any form of tax really.

By living there, you get to keep almost all of the money that you earn. This is great for Formula 1 pilots, who have a very short career in the sport before retiring and living off the mountains of money that they earned.

If you have the initial investment required to buy a house and endure the other living costs of being a Monaco resident, then it’s a no-brainer financially speaking.

Tax | A word cloud featuring "Tax". This is licensed under A… | Flickr

Close to Everything

First of all, the Monaco Grand Prix literally takes place on the streets of the country. For the likes of Lewis Hamilton and Max Verstappen, they merely have to step outside and walk for a bit before reaching Sainte Devote, Beau Rivage or the like.

Furthermore, its central European location is close enough to the majority of races in the current calendar. Out of the 23 races in the 2022 season, 10 of them take place within the confines of Europe (not including Baku).

A lower commute time is beneficial for the drivers, from both a health and time perspective.

Also, many of the team’s headquarters are found in the UK, so it is a short two hour plane ride away for those who drive for Mercedes, Williams and McLaren among others.

23 GPs plus 7 sprint races: F1 confirms packed 2022 calendar - Motor Sport  Magazine
Motorsport Magazine

A Community of F1 Drivers

If you decide to move to Monaco as a Formula 1 driver, you will most likely have a few friends already residing in the municipality.

As mentioned previously, bitter rivals Hamilton and Verstappen both moved to Monaco in the last twenty years, and another 5 current F1 drivers live in the tiny country too.

There are a bunch of former pilots living in Monaco too. Gerhard Berger, Riccardo Patrese, Mika Hakkinen and the Rosberg family all used to spend their winter months in the nation, and now reside there all-year long.

Almost everyone speaks English too, so no need to worry if you aren’t a French speaker. Both factors will aid in you getting comfortable straight away.

Formula One drivers Charles Leclerc , George Russell , and Esteban... News  Photo - Getty Images

A Truly Wonderful Place

With the racing season taking up three-quarters of the year for F1 drivers, it is important for them to find a place where they can truly unwind and relax, ready to go again come the spring.

Monaco is certainly a great option as a place to recharge your batteries. Firstly, the weather there stays mild during the winter months. Apart from this being an obvious mood booster, fair weather allows the athletes to keep fit and stick to a regular outdoor exercising routine in the run up to testing.

With such a great concentration of high-profile figures living in Monaco security is always top-notch, so Formula 1 pilots can focus on recuperation away from prying eyes.

From a geographical basis, Monaco is in the perfect spot to enjoy holidays of various forms. Just off to the east you have the Alps; many f1 drivers opt for skiing trips on their days off.

Furthermore, the French Riviera literally surrounds the nation and offers serene vineyard landscapes and historic towns and villages to revel in. All just a short drive or train ride away.

Free photo Monaco Sea Monte Carlo City Mediterranean View - Max Pixel
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