3 reasons why F1 drivers like Lewis Hamilton, Max Verstappen, and others live in Monaco 

Monaco is one of the most luxurious places in the world and home to several F1 drivers like Lewis Hamilton, Max Verstappen, and others. The 2.08 square kilometers nation is on the border of France and Italy, and houses around 38,000 people.

Interestingly, one-third of the entire population of the country are Monegasque locals, with more than 12,000 millionaires. F1 even has a Monegasque driver on the grid in the form of Charles Leclerc, who resides in the Principality and has been racing in the sport since 2018.

Other F1 drivers Daniel Ricciardo, Nico Hulkenberg, Lando Norris, George Russell, Valtteri Bottas, and Alex Albon call Monaco 'home'.

Below are the three reasons F1 drivers choose to live in Monaco:

#1 Privacy from F1 fans

With the Principality being a hub of millionaires from all across the globe, the drivers do not have to deal with crazy fans and can live their lives in peace and enjoy their downtime from the rigorous schedule of the sport. Since there aren't many paparazzi in Monaco, drivers are not worried about being hoarded by photographers and media personnel in their personal lives.

Former F1 driver David Coulthard gave a good account of fellow racers choosing the small country as their preferred home in the 2020 BBC documentary Inside Monaco: Playground of the Rich.

He explained that "there’s a great deal of wealth here, and lifestyle wise and security wise, there’s a lot of benefits of being here beyond the often talked about one of course, which is the financial benefit.”

#2 Taxes

Monaco is popularly known as a tax haven as the government does not have to charge any federal income tax. This aspect attracts the wealthy from all across the world as they can live in luxury without having to worry about paying several taxes to their respective governments.

The government raises tax income by applying 20% VAT on goods and services from the people who can afford to live in the country. The tax haven aspect also attracts F1 drivers, who earn in the millions, to flock to countries like Monaco and Switzerland as they provide them an exemption.

#3 Location

The location and the picturesque scenery of the Principality are breathtaking as the people have access to luxury, beaches, and mountains from the Italian side in a radius of a couple of miles.

The proximity to the Nice Airport, which is just 15 miles away from Monte Carlo, also helps the drivers travel to different countries without the hustle-bustle of other bigger places. With the drivers projected to travel around 75,000 miles in 2024 alone (as per Sports Business specialist @JoePompliano on X), it is nice for them to not travel several hours from the airports to make their way back home.