Explaining the details of why so many F1 drivers live in Monaco
The exact locations of the F1 drivers’ homes remains top secret. But we do know that they all reside in the luxury nation, which is one of the world’s smallest.
Monaco has a population of approximately 40,000 people. A quarter of its residents were born there, including Ferrari’s Charles Leclerc.Buying a property in the neighbourhoods of Monte Carlo, La Moneghetti, Condamine, Larvotto, Fontvieille or Monaco-Ville would cost more than some of the most exclusive parts of London.Anybody who applies to live in Monaco must prove they have £500,000 in their bank account.
If you then stay in Monaco for more than 50% of the calendar year, there are major financial perks to be gained. The local government do not charge residents of Monaco any wealth tax, local tax, property tax or capital gains tax.Monaco allows them the possibility to have privacy and security, which living in a major city could not provide.Monaco is renowned as being safe because its millionaire residents are able to boast security teams.
There is CCTV all over Monaco which means the nation does not require a heavy and visible police presence.It is close to Nice airport, which has a significant usage by private planes.F1 drivers will go back to their homes when the grand prix is in town, at the end of each day.It is mild in winter but gloriously hot during summer.
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