For Formula 1 fans, Monaco is a special place. From the very inception of the Formula 1 world championship, the principality has been home to the crown jewel of this sport; the Monaco GP. Mastering its twisty and narrow streets has earned many drivers their legends. Ayrton Senna, Graham Hill, Lewis Hamilton and countless others have immortalized themselves in the annals of racing history by winning this event on multiple occasions. While drivers like Max Verstappen are eager to leave their mark on these streets.

Winning Monaco takes everything a racing driver has to offer. It is one of the most difficult circuits to master. But if you think racing in Monaco is no mean feat, then you would be surprised to know, that even entertaining the mere idea of living in the principality is not for the faint-hearted, either!

Max Verstappen & Co. pay a heavy price for Monaco

Monaco is synonymous with luxury and the millionaire lifestyle. Naturally, it’s no secret that Monaco is the ideal place to be for racing drivers. Formula 1 drivers especially have made it their own in the past years. But the decision of jumping into the principality full-time is not as easy as you’d think. Drivers like Hamilton and 2x champion, Verstappen have paid a heavy price to relocate to Monte-Carlo.

According to Sports and Business Analyst, Joe Pompliano, “To apply for residency in Monaco, you have to deposit $535,000 in a local bank, and it must remain there at all times during your residency period.”

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With such a steep toll on their pockets, why do Formula 1 drivers still prefer to call Monaco home?

Monaco is F1’s safe haven

Past and present, there have been countless F1 drivers who have taken the fiscal plunge and made Monaco their home. As it turns out, on the current grid, nine out of the twenty drivers reside in the principality! But with such a steep cost of living, why do they even bother?

According to Pompliano, “This is primarily because of three reasons,” he explains. Firstly, according to him, “Monaco has no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax.” Further, “Government requiring written permission for all professional photography, there are also fewer paparazzi.”

“And, of course, it doesn’t hurt that Monaco’s weather is incredible, and the views are equally spectacular,” concludes the American.

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Will you be willing to pay the high price of living the luxury life of an F1 driver in Monaco?