Imagine a place where you can rub shoulders with movie stars, gamble away millions, and race along the streets in a supercar. Welcome to Monaco, the tiny but dazzling principality on the Mediterranean coast. Monaco is not only one of the smallest and most crowded countries in the world, but also one of the richest and most glamorous with a per capita income of over $180,000. With a history that spans centuries and a dynasty that still reigns, Monaco has a lot to offer to the curious and adventurous traveler.
Monaco is home to many Formula 1 drivers both current and retired. Here are 9 F1 drivers currently residing in Monaco in 2023:
- Lewis Hamilton
- Max Verstappen
- Charles Leclerc
- Lando Norris
- Valtteri Bottas
- Sergio Perez
- Nico Hulkenberg
- Nyck de Vries
- Alex Albon
But beyond the glitz and glamour lies a surprising facet of Monaco: a playground where luxury meets adventure. From high-stakes casino nights to exhilarating sports events and awe-inspiring natural beauty, Monaco offers a thrilling escape for the affluent adventurer seeking the ultimate experience.
1. The Casinos: Where Fortunes Are Made And Lost
Monaco is well-known for its casino industry, which contributes to its economy and tourism. Monaco has four casinos, each with a different history and offer. The oldest and most renowned one is the Casino de Monte-Carlo, which was built in 1863 by Charles Garnier, the architect of the Paris Opera House. No visit to Monaco is complete without indulging in the timeless allure of the Monte Carlo Casino. The Casino de Monte-Carlo is not only a gaming venue, but also a cultural and artistic center, hosting the Monte-Carlo Opera and the Monte-Carlo Ballet in its magnificent Salle Garnier. The casino provides a wide range of games, from French and European roulette to Trente et Quarante and Punto Banco, as well as exclusive private rooms for VIP players. The most modern and innovative one is the Casino Café de Paris, which has the largest number of slot machines in Europe, some of them featuring cutting-edge technology and interactive features. The Casino Café de Paris also has traditional table games and electronic games, as well as a vibrant atmosphere with live entertainment and DJ sets. Monaco’s casinos cater to all kinds of players, from casual to professional, and offer a unique and luxurious gaming experience.
2. Yachting: Cruising the Azure Waters
Monaco is not only a playground of the rich, but also a playground of the yachts. Monaco has some of the most spectacular marinas in the world, where you can spot the jaw-dropping yachts of the rich and famous. Monaco also hosts some of the most exciting yachting events in the world, such as the Monaco Yacht Show, where you can see the latest and greatest in yacht design and technology. But why just watch when you can join in? Monaco has plenty of yacht charter options for you to choose from, whether you want a cozy sailing boat or a lavish mega yacht. You can cruise along the stunning coastline of the French Riviera, visit charming towns and islands, or just chill on deck and soak up the sun. Monaco is a dream destination for yacht lovers and adventurers, offering a unique and unforgettable way to discover the Mediterranean Sea
3. Monaco Grand Prix: The Race of Legends
Monaco is a playground of the speed, where the adrenaline of racing meets the glamour of the jet set. Every year, Monaco hosts the Monaco Grand Prix, one of the most prestigious and thrilling races in the world. The Monaco Grand Prix is a Formula One race that takes place on the Circuit de Monaco, a street circuit that snakes through the heart of Monaco, passing by landmarks such as the Casino, the Hotel de Paris, and the Prince’s Palace. The race has been running since 1929, and is part of the Triple Crown of Motorsport, a rare feat achieved by only one driver in history: Graham Hill. The Monaco Grand Prix is not for the faint-hearted, as it demands the utmost skill, concentration, and courage from the drivers. The circuit has 19 corners, some of them hairpins, and a tunnel where the drivers reach speeds of over 300 km/h. The circuit is also very narrow, leaving no margin for error or overtaking. The race is also a spectacle of glamour, as it draws celebrities, royals, and VIPs who flock to Monaco to enjoy the show. They watch the race from luxury yachts, exclusive balconies, and chic terraces, sipping champagne and mingling with the stars. The Monaco Grand Prix is a race that combines sport, entertainment, and luxury like no other.
Like stated earlier, many F1 drivers reside in Monaco. Here are 3 main reasons as to why many F1 drivers prefer living in Monaco:
Taxes: Monaco has no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax.
Privacy: There are 12,000 millionaires living in Monaco — 1/3 of the entire population — so F1 drivers don’t have to deal with crazy fans. And with the government requiring written permission for all professional photography, there are also fewer paparazzi.
Location: The Nice airport is only 15 miles from Monaco, which is especially important because F1 drivers will travel over 75,000 miles this year alone. And, of course, it doesn’t hurt that Monaco’s weather is incredible, and the views are equally spectacular.
4. Cultural Delights
Monaco is also a playground of the culture, as it boasts a rich and diverse heritage and a vibrant artistic scene. Monaco has a long and fascinating history, dating back to the ancient Phoenicians, Greeks, and Romans, and ruled by the Grimaldi family since 12971. Monaco has many historical and cultural landmarks, such as the Prince’s Palace, the official residence of the ruling prince and a masterpiece of Genoese and Renaissance architecture2, the Cathedral of Monaco, where many members of the royal family are buried, including Grace Kelly3, and the Oceanographic Museum of Monaco, founded by Prince Albert I and dedicated to marine science and conservation. Monaco also has a thriving artistic scene, hosting events such as the Monte-Carlo International Circus Festival, one of the most prestigious circus festivals in the world, the Monte-Carlo Opera, which performs in the stunning Salle Garnier designed by Charles Garnier, and the Rose Ball, a glamorous charity gala organized by the Princess Grace Foundation. Monaco is a place where culture lovers can find something to suit their tastes and interests, from history and art to music and dance.
5. Luxury Shopping: Retail Therapy at Its Finest
In Monaco, you can shop till you drop in some of the most glamorous and exclusive venues in the world. Monaco has something for every taste and budget, from dazzling malls and arcades to cozy boutiques and galleries. One of the most amazing shopping destinations is the Monte-Carlo Shopping Promenade, a new district that showcases 24 luxury boutiques, where you can find the latest and greatest in fashion, jewellery, and watches, from Dior to Cartier. The Monte-Carlo Shopping Promenade also impresses with its stunning architecture and design, with marble floors, hand-sewn tapestries, and lush green façades. Another popular shopping venue is the Fontvieille Shopping Centre, which combines practicality and elegance with 36 shops that offer a range of products and services, from hi-fi equipment and furniture to clothes and restaurants. The Fontvieille Shopping Centre also has a large car park and a hypermarket for convenience. For those who prefer a more traditional and authentic shopping experience, the La Condamine Market is a must-visit. The market opened in 1880 and was renovated in 1992 to meet the modern expectations of consumers. The market sells fresh produce, flowers, local specialties, and souvenirs in a charming setting. Monaco is a paradise for shoppers who seek quality, variety, and style.
6. The Monaco Night Life
It is also a playground of the nightlife, as it offers a dazzling array of clubs and bars to suit every mood and occasion. Monaco has some of the most famous and exclusive nightclubs in the world, such as Jimmy’z, which has been attracting celebrities and VIPs since 1971 with its stunning outdoor space, floating summer bar, and top-notch DJs1, Twiga, which boasts amazing views over the Mediterranean and serves delicious cocktails and seafood dishes2, and La Rascasse, which is located on the most famous bend of the Monaco Grand Prix track and features live music, DJ sets, and shisha pipes3. Monaco also has some of the most sophisticated and elegant bars in the world, such as Le Bar Américain, which is a Monaco institution with its vintage charm, live jazz, and inventive cocktails, Blue Gin, which offers a chic terrace overlooking the sea and a creative menu of gin-based drinks, and Buddha Bar, which combines Asian cuisine, exotic decor, and lounge music in a former concert hall. Monaco is a place where nightlife lovers can find something to satisfy their senses and desires.
7.Extravagant Events: Galas and Festivals
Monaco is also a playground of the extravaganza, where you can enjoy the most glamorous and exclusive events in the world. Monaco has some of the most spectacular and exclusive galas in the world, such as the Rose Ball, a glamorous charity gala organized by the Princess Grace Foundation, where you can mingle with celebrities and royals, the Monaco Red Cross Ball, a major charity event that features a dinner, an auction, and a concert, where you can bid for amazing prizes and enjoy live music, and the Bal de la Rose, a prestigious event that celebrates spring with a themed party, where you can dress up and dance the night away. Monaco also has some of the most exciting and diverse festivals in the world, such as the Monte-Carlo International Circus Festival, one of the most prestigious circus festivals in the world that features amazing performances by acrobats, clowns, and animals, where you can marvel at their skills and laugh at their antics, the Monte-Carlo Jazz Festival, a major event that celebrates music from around the world with jazz legends and rising stars, where you can groove to their tunes and discover new sounds, and the Monte-Carlo Television Festival, a popular event that honors the best of television with screenings, awards, and celebrities, where you can watch your favorite shows and meet your favorite stars. Monaco is a place where extravaganza lovers can find something to amaze and delight them.
8. Safety And Privacy
Monaco is also a playground of the safety and privacy, as it offers a high level of security and protection for its residents and visitors. Monaco has one of the largest police forces and police presences in the world on both a per-capita and per-area basis, with an armed national police force of 515 men and women who patrol the streets, monitor the cameras, and respond to emergencies. Monaco also has a special unit called the Compagnie des Carabiniers du Prince, which is composed of 119 officers who are responsible for the security of the royal family and the palace, as well as ceremonial duties and cultural events. Monaco is considered one of the safest destinations in Europe, with a very low crime rate and a high degree of surveillance. According to the World Population Review, Monaco has a crime index of 12.02, which is one of the lowest in the world. Monaco also has a strong respect for privacy and personal data, with a dedicated data protection authority called the Commission de Contrôle des Informations Nominatives (CCIN), which was established in 1993 and oversees the compliance with the data protection laws and regulations. The CCIN has the power to issue opinions, recommendations, authorizations, sanctions, and injunctions regarding the processing of personal data in Monaco. Monaco is a place where safety and privacy lovers can find peace of mind and comfort.
9. Tax
Do you want to keep all your money and live in a beautiful place? Then Monaco might be the perfect country for you. Monaco has amazing tax benefits for its residents. You don’t have to pay any tax on your income or your investments. You also don’t have to pay any tax on how much money or property you have. The only tax you have to pay is a small one if you rent out your place. And if you have a business in Monaco, you only pay tax if you make money outside the country. Monaco also has the same sales tax as France, and some other small taxes and fees. Monaco is a great place to save money and enjoy life. There are several billionaires who have made Monaco their home as a result.
Read about Billionaires who have made Monaco their home here.
Conclusion
Some of the richest people in the world have always had a soft spot for Monaco and often visit the country.
Fun Fact: 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.
Monaco, the playground for the rich where luxury meets adventure, offers a captivating blend of opulence and thrilling experiences. Whether you’re seeking the rush of high-stakes gambling, the excitement of sporting events, or the serenity of natural beauty, Monaco presents a plethora of opportunities to indulge your senses. From the iconic Monte Carlo Casino to the legendary Grand Prix, from luxurious yachting to exquisite dining, Monaco beckons the affluent adventurer to embark on a journey of unforgettable experiences. Come, immerse yourself in the charm of this glamorous principality and discover the playground where dreams come to life.