Where do F1 drivers currently live and why many of them choose Monaco? (2024)

Where do F1 drivers currently live and why many of them choose Monaco? (1)Where do F1 drivers currently live and why many of them choose Monaco? (2)

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Where do F1 drivers currently live and why many of them choose Monaco? (14)

Yara Elshebiny

Where do F1 drivers currently live and why many of them choose Monaco? (15)

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With a global calendar and multi-million-dollar pay checks, where do F1 drivers choose to call home?

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While some drivers prefer to stay close to their roots, others navigate the world map like seasoned globetrotters.

READ MORE: FIA punishes F1 star for breaking SAME rule for second week running

Yet, one location shines brighter than the rest: the glittering principality of Monaco, which boasts nine drivers on its resident list.

However, this is just part of the puzzle. Almost every driver has a second or even third home in another corner of the world.

Lewis Hamilton, for example, has a global portfolio with houses in Geneva and Manhattan, whereas Daniel Ricciardo splits his time between Los Angeles and his hometown of Perth.

So, where do all 20 drivers live, and why did many of them choose Monaco? Let's find out.

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Where do F1 drivers live?

Here's a rundown of who's living where in 2024.

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DriverTeamNationalityResidence
Alex AlbonWilliamsThai-BritishMonaco
Carlos SainzFerrariSpanishSpain
Daniel RicciardoVisa Cash App RBAustralianMonaco
Charles LeclercFerrariMonegasqueMonaco
Esteban OconAlpineFrenchSwitzerland
Fernando AlonsoAston MartinSpanishSpain
George RussellMercedesBritishMonaco
Kevin MagnussenHaasDanishDenmark
Lance StrollAston MartinCanadian-BelgianSwitzerland
Lando NorrisMcLarenBritish-BelgianMonaco
Lewis HamiltonMercedesBritishMonaco
Logan SargeantWilliamsAmericanEngland
Max VerstappenRed BullDutch-BelgianMonaco
Nico HulkenbergHaasGermanMonaco
Oscar PiastriMcLarenAustralianEngland
Pierre GaslyAlpineFrenchItaly
Sergio PerezRed BullMexicanMexico
Valtteri BottasStake F1 TeamFinnishMonaco
Yuki TsunodaVisa Cash App RBJapaneseItaly
Zhou GuanyuStake F1 TeamChineseEngland

READ MORE: F1 Driver Salaries: How much do Hamilton and co make?

Why does Monaco attract so many F1 drivers?

The answer lies in a potent co*cktail of sun, glamour, privacy and tax benefits. Monaco residents enjoy a zero-tax policy (no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax), which is a significant advantage for those earning multimillion-dollar salaries.

Beyond the financial, Monaco's location in the heart of Europe makes it a logistical dream for F1 drivers. Close proximity to major racetracks across the continent minimises travel time and fatigue.

Privacy and security are also key ingredients in Monaco's allure. The strict government regulations on photography further shield celebrities from unwanted paparazzi intrusions, allowing them to enjoy a bit of normalcy amidst the whirlwind of their careers.

However, it's not all sunshine and roses in Monaco. Even with robust security measures, privacy breaches aren't unheard of. Just last year, Charles Leclerc's home address was leaked, leading to unwanted interruptions at his doorstep.

This serves as a reminder that even in havens like Monaco, complete escape from public scrutiny can be elusive.

READ MORE: F1 drivers age: How old are Lewis Hamilton, Verstappen, Norris and co

F1 driver residences FAQs

Where does Lewis Hamilton live?

Lewis Hamilton currently lives in a luxurious penthouse in Monte Carlo, Monaco, with stunning views of the Mediterranean Sea.

Where does Max Verstappen live?

Max Verstappen lives in a penthouse in Monte Carlo reportedly worth $16 million.

Where does Daniel Ricciardo live?

Daniel Ricciardo lives in a one-bedroom apartment in Monaco, estimated to be worth $2 million.

Do all drivers live in Monaco?

No, not all drivers live in Monaco. Some, like Fernando Alonso, Kevin Magnussen, and Carlos Sainz value family ties and cultural connections in their home countries.

How much does it cost for a square meter of real estate in Monaco?

Monaco consistently ranks as one of the most expensive real estate markets globally. As of 2024, the average price per square meter of apartments and lofts in Monaco is estimated to be around €55,000 (approximately $61,000), with luxury apartments reaching astronomical figures.

This high cost is partly driven by limited land availability and the Principality's reputation as a tax haven, attracting wealthy individuals from around the world.

READ MORE: F1 WAGs: Love interests of Hamilton, Verstappen and Ricciardo

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Where do F1 drivers currently live and why many of them choose Monaco? (18)

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Driver Standings 2024

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Full drivers

Constructor Standings 2024

    01 Red Bull Racing Great Britain27602 Ferrari Italy25203 McLaren Great Britain18404 Mercedes Great Britain9605 Aston Martin Great Britain44

Full constructors

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Where do F1 drivers currently live and why many of them choose Monaco? (76)

Where do F1 drivers currently live and why many of them choose Monaco? (77)

  • Drivers

  • Oliver Bearman
  • Charles Leclerc
  • Carlos Sainz
  • Lando Norris
  • Oscar Piastri
  • Pierre Gasly
  • Esteban Ocon
  • Sergio Pérez
  • Max Verstappen
  • Alexander Albon
  • Logan Sargeant
  • Lewis Hamilton
  • George Russell
  • Nico Hülkenberg
  • Kevin Magnussen
  • Fernando Alonso
  • Lance Stroll
  • Valtteri Bottas
  • Zhou Guanyu
  • Daniel Ricciardo
  • Yuki Tsunoda
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  • Ferrari
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  • McLaren
  • Mercedes
  • Red Bull Racing
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  • Visa Cash App RB
  • Williams

Races

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  • Miami Grand Prix 2024
  • Gran Premio dell'Emilia Romagna 2024
  • Grand Prix of Monaco 2024
  • AWS Grand Prix du Canada 2024
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  • Heineken Silver Las Vegas Grand Prix 2024
  • Qatar Grand Prix 2024
  • Grand Prix of Abu Dhabi 2024

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Where do F1 drivers currently live and why many of them choose Monaco? (2024)

FAQs

Where do F1 drivers currently live and why many of them choose Monaco? ›

Monaco residents enjoy a zero-tax policy (no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax), which is a significant advantage for those earning multimillion-dollar salaries. Beyond the financial, Monaco's location in the heart of Europe makes it a logistical dream for F1 drivers.

Why do all F1 drivers live in Monaco? ›

The Principality counts itself as the second-smallest nation in the world, with an area barely bigger than that of London's Hyde Park, but the lifestyle it helps cultivate is one of the big attractions for some of the world's richest people to move there – and Formula 1 drivers across the eras have chosen to live there ...

Where in Monaco do F1 drivers live? ›

Monte Carlo is the best known, but others include La Moneghetti, Condamine, Fontvieille, Larvotto and Monaco-Ville, and an average property in some of these areas can cost twice the price of those in London's exclusive Mayfair.

Why is Monaco so important in F1? ›

The Monaco GP is part of motorsport's Triple Crown (along with the Indianapolis 500 and 24 Hours of Le Mans) for a reason. It's 78 laps of pure adrenaline as drivers tackle the 19 turns in the heart of the principality, zipping past the iconic Monte-Carlo Casino, the yacht-filled harbor and more.

Do F1 drivers pay tax in Monaco? ›

F1 2024: Formula 1 drivers living in tax havens, Monaco residents, half the grid pays no tax due to Monte Carlo rules, latest news.

How does Monaco survive with no taxes? ›

Major revenue sources include postage stamp sales, liquor and tobacco taxes, and registration fees. The state does not collect income or direct personal or corporate taxes. As a result of these liberal tax laws, numerous international business maintain their headquarters in Monaco.

How many people come to Monaco for F1? ›

The Monaco Formula 1 Grand Prix is considered the biggest motor race in the world but also has the smallest capacity. Approximately 37,000 spectators of which 22,000 are in the grandstand.

How much money do you have to have to live in Monaco? ›

To obtain Monaco residency, applicants must deposit at least €500,000 in a Monaco bank, prove financial self-sufficiency, secure accommodation, and have a clean criminal record. Is Monaco residency hard to get?

Do you pay tax in Monaco? ›

Monaco does not collect personal income tax or capital gains taxes. There are no property taxes in Monaco, but rental properties are taxed at 1% of the annual rent plus other applicable charges. Monaco eliminated taxes on dividends paid by local companies and does not charge a general corporate income tax.

What makes Monaco special? ›

The principality is home to 38,682 residents, of whom 9,486 are Monégasque nationals; it is recognised as one of the wealthiest and most expensive places in the world. The official language is French; Monégasque, English and Italian are spoken and understood by many residents.

Is Monaco too small for F1? ›

Ask a Grand Prix driver whether Monaco is worthy of its place on the Formula 1 calendar, and the answer will usually be yes. That's even though the Grand Prix can often be less than thrilling. The track is so narrow and the cars so big that drivers rarely can pass, or overtake, each other.

Why is Monaco the hardest F1 track? ›

The section running through Monte Carlo is the most exciting part, and the twists and turns here are stunning. Additionally, the Monaco Grand Prix is generally raced at a pretty low speed compared to other events. This is the case due to tunnels, elevation changes, and hairpin bends that all competitors must navigate.

Where do F1 drivers eat in Monaco? ›

Le Grill de l'Hôtel de Paris – For a more refined dining experience, pilots often head to this upscale restaurant that offers spectacular views of the principality and the Mediterranean.

Do any F1 drivers not live in Monaco? ›

Do all drivers live in Monaco? No, not all drivers live in Monaco. Some, like Fernando Alonso, Kevin Magnussen, and Carlos Sainz value family ties and cultural connections in their home countries.

Where do most Formula 1 drivers live? ›

Monaco is home to almost half the current F1 grid – but the tax breaks are not the only reason why they love to live there.

Which F1 drivers don't live in Monaco? ›

Do all drivers live in Monaco? No, not all drivers live in Monaco. Some, like Fernando Alonso, Kevin Magnussen, and Carlos Sainz value family ties and cultural connections in their home countries.

How is Monaco tax free? ›

Monaco does not collect personal income tax or capital gains taxes. There are no property taxes in Monaco, but rental properties are taxed at 1% of the annual rent plus other applicable charges. Monaco eliminated taxes on dividends paid by local companies and does not charge a general corporate income tax.

Why do famous people live in Monaco? ›

Other reasons why rich people live in Monaco: The principality has world-class health care, Michelin-star restaurants, elegant top-rated spas, and haute couture shops. Plus, the principality hosts major events, including the famous Monaco Grand Prix and the Monaco Yacht Show, which features more than 100 megayachts.

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