Where Do F1 Drivers Live? The Monaco Effect

More than half of the twenty F1 drivers reside in the same tiny principality—Monaco. This Mediterranean jewel is home to thirteen F1 drivers, and it’s no coincidence. Let’s delve into why so many drivers choose to settle in Monaco and explore where each of them calls home.

The Allure of Monaco

Monaco offers a significant financial advantage with its zero personal income tax. This means F1 drivers can save millions on their earnings and sponsorships. For instance, Max Verstappen, one of the highest earners in F1, could save up to £172 million simply from living in Monaco. This tax structure makes it an attractive option for drivers earning tens of millions annually.

Who Lives in Monaco?

Let’s take a closer look at the drivers who have made Monaco their home:

• Lando Norris: Moved to Monaco in 2022 after living in Woking, UK. Known for his flashy lifestyle, he often shares glimpses of his life in Monaco on social media.

• Max Verstappen: Moved to Monaco the day after his 18th birthday. His tax savings are substantial, although he still pays taxes on income earned in the Netherlands.

• Esteban Ocon: Resides in Geneva, Switzerland, where he faces a tax rate between 22% and 45%, depending on the canton. He could live in Monaco but wouldn’t benefit from the tax-free status due to French regulations.

• Oscar Piastri: Another Monaco resident, he moved there in 2024 after living in the UK.

• Nico Hulkenberg: Lives in Monaco with his family. He enjoys the advantages of the rich lifestyle Monaco offers.

• Charles Leclerc: The only driver with a Monegasque passport, he doesn’t need to worry about tax residency issues.

• Carlos Sainz: Moved to Monaco in 2024, living just five minutes from Leclerc.

• Yuki Tsunoda: Uniquely, he does not live in Monaco, instead residing in Italy near his team’s headquarters.

• Pierre Gasly: Lives in Milan, Italy since 2017, also affected by French tax policies.

• Logan Sargeant: As a US citizen, he could benefit from Monaco’s tax policies, but the reality of US taxation complicates matters.

• Lewis Hamilton: Owns properties in various locations including Monaco, where he enjoys the tax benefits.

• Lance Stroll & Fernando Alonso: Choose to live in Switzerland, joining Ocon in this tax-friendly region.

• George Russell: A Monaco resident for the past two years, seen training locally.

• Jack Doohan: Also a Monaco resident, he benefits from the same tax advantages.

• Alex Albon: Lives directly opposite Carlos Sainz, fostering a friendly neighborly relationship.

• Liam Lawson: Enjoys the warm climate of Monaco year-round.

• Kimi Antonelli: Resides in San Marino, benefiting from a territorial tax system.

• Oliver Bearman: Recently moved to Monaco, taking advantage of an apartment previously owned by his father.

• Gabriel Bortoleto: Recently moved to Monaco with his family.

• Isack Hadjar: Lives between Faenza and Paris, with some time spent in the UK.

The Cost of Living in Monaco

Living in Monaco isn’t cheap. Apartments can go for millions, with some listings reaching €6.7 million for just 114 square meters. Renting can cost upwards of €66,000 a year for a small flat. However, with the significant income tax savings, many drivers find it worthwhile.

FAQs

1. Why do so many F1 drivers live in Monaco?

Monaco offers a zero personal income tax rate, making it financially beneficial for high-earning athletes.

2. Are there any tax implications for drivers living in Monaco?

While they benefit from no personal income tax, drivers must be cautious about their assets in other countries, particularly if they spend significant time there.

3. Can non-French citizens live in Monaco without tax penalties?

Yes, many drivers who are not French citizens can live in Monaco and enjoy tax-free status, provided they meet residency requirements.

4. Is Monaco a safe place to live?

Yes, Monaco is known for its safety, making it a popular choice for high-profile individuals.

5. What are the living conditions like in Monaco?

Monaco is a small but affluent city-state with a vibrant lifestyle, although the cost of living is high.