F1 drivers live in Monaco? With its beautiful scenery, luxurious location and temperate climate, there are more than a few reasons why the great and good of motorsport, including Lewis Hamilton, might decide to base themselves in the stunning French principality.
But there's one three letter word that probably matters above all else when considering the lure of Monaco. And that word is 'tax.' Monaco has extremely favourable tax laws, to put it mildly.
Residents of the city-state do not pay any income tax, wealth tax, or capital gains tax. Not only that, but direct heirs do not pay any inheritance tax either.
What that means, essentially, is that anyone who lives in Monaco gets to keep everything that they earn from salaries or sponsorship.
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