Lewis Hamilton, the seven-time Formula 1 world champion, owns luxury properties around the globe but consistently chooses his residence in Monaco as his primary base. This exclusive location on the French Riviera offers strategic and financial advantages that make it the top choice for Hamilton’s lifestyle and career.
Monaco’s compact size, covering just over two square kilometers, includes one of the shortest coastlines of any country and an exceptionally narrow width of roughly 350 meters in some areas. Despite its small footprint, Monaco is highly sought after by the ultra-wealthy, particularly F1 drivers, because of its unique charms and benefits.
Financial Benefits Draw Formula 1 Stars to Monaco
A major incentive for Hamilton and many other drivers to live in Monaco is the absence of personal income tax. While top earners in England, France, and other Western countries often face tax rates exceeding 40%, Monaco allows residents to retain nearly all of their substantial incomes. With Hamilton earning approximately $60 million annually, including bonuses, this tax advantage is significant.
This perk has attracted a long list of prominent F1 figures such as Max Verstappen, Charles Leclerc, and Lando Norris, all of whom have chosen Monaco as their residence. The financial freedoms offered here are a strong factor in why these elite athletes settle in the principality.
Monaco’s Unique Property and Lifestyle Features
Although Hamilton does not reside full-time in Monaco due to the demanding race schedule, he holds a multi-million dollar property that serves as a key financial and logistical center. Even with several homes in cities like London, New York, and Colorado, Monaco remains his preferred base for its convenience.
Monaco’s government enforces strict regulations preventing homeowners from renting out their properties on platforms such as Airbnb. This policy helps maintain the principality’s exclusivity and preserves the local community’s character. Consequently, visitors to the Monaco Grand Prix often find accommodations just beyond Monaco’s borders in nearby Beausoleil, France.
Privacy, Security, and Proximity Boost Monaco’s Appeal
Beyond financial advantages, Monaco offers privacy and security crucial for someone of Hamilton’s public stature. The principality’s close proximity to the F1 circuit’s paddock enhances convenience during race season, while its community of discreet athletes and entrepreneurs creates a supportive environment.
For Lewis Hamilton, choosing to base himself in Monaco reflects more than luxury; it is a practical and calculated decision that aligns with his professional demands and personal values in a competitive sport where every detail counts.