I live in the small village in Switzerland where Vettel used to live, prior to moving closer to Germany. (He used to play with the local football team) It was also the home to Sergio Marcchione. Kimi is also not far away. We've seen him with his boy in the local toy shop.
I live in CH too, the tax is good, but not quite as good as his chart shows! Add in various other small taxes, and the obligatory health costs, and it adds up, but still better than the majority of neighboring countries.
@@iain8837 Yep, he actually only shows Federal tax for single people, but no Cantonal tax. This must be one of the higher Cantons, as is just a bit below what I pay for both Federal and Cantonal. Also, the property prices (Where I live anyway) is not far off Monaco, it seems!. Very informative, nonetheless! I wonder if any of the drivers ever admit that it is for tax purposes?
@nickgalla-barth6336 I think they all admit they live in Monaco because of the lack of taxes. There was some bitching going on, I don't know how long ago, it possibly started when Lewis moved there, because some athletes from the UK moved to Monaco to avoid paying the high taxes in England. People thought they should stay in the UK and pay the taxes. As if they wouldn't do the same if they were making that kind of money. I know I would 😂.
During the pandemic Lando, Charles, George and Alex played video games on Twitch pretty regularly. The interactions on the F1 games were hilarious. If you follow them even on other social media platforms they would record clips of it. I've heard Alex being interviewed recently to say that now that George has joined them and moved to Monaco, the 'Twitch quartet' as he called them will sometimes get together and hang out.
Bottas actually owns a big house in the French mountains near Monaco and rents an apartment in Monaco for 9,500€/m. He revealed that in a Finnish TV show last year.
Never saw Bottas in MC when living there. I did see Albon, Lewis, Massa, Ricciardo and Leclerc though. I think a few of these guys just rent and then spend their time away or in their french villa.
Kimi, Ralf Schumacher and Roger Federer used to live in my village in the cheapest tax area in Switzerland. Tax in Switzerland changes depending on the canton and village you live in.
Have been lucky enough to visit Monaco many times ! First was for the 2005 grand prix ..its also worth mentioning you can do the whole Monaco thing on a budget , The Historic racing is on a few weeks before every other year...its a great chance to se and hear F1 cars racing round the track ..The seats opposite the yachts that you see are the K1 seats ....Its a great way to enjoy F1 in monaco without the huge costs ...Stay in Nice a very easy and fantastic train ride in each day ....As Kym says its a nightmare when F1 is on ..forget taxis ..forget phone signal ..last train back to Nice is 11.30 roughly do not miss it !!
My experience of Monaco is always lots of fun but a hell of a challenge because I use a wheelchair. Honestly there are times when your wheels lose all traction on the hills and you're just a passenger hoping you don't skid into the road 😅 - fortunately some kind strangers then told us about the various elevators to help with some of the particularly inaccessible parts. I really hope to go back again next year. Fingers crossed 🤞
i've been to monaco. wonderful place. i had lunch with my wife at mirabeau. it's a beautiful place against the mountain. but switzerland is the on another level for beauty.
Missed an important point about taxation in Monaco. Businesses get taxed 25% if at least a quarter of earnings come from outside of the country. And yes, sole owner businesses count. So for example, Lewis's salary as a driver wouldn't be taxed. BUT, any personal sponsorships he has with companies outside of Monaco or his ownership in sporting teams outside Monaco would be taxed. Same with Valtteri with his gin and coffee businesses. Lando with Quadrant and clothing. Daniel with Blue Coast, wine, clothing and karting businesses. You get the idea. These guys are paying taxes.
Going to Monaco further radicalized me but I greatly enjoyed walking around the GP track and seeing all those iconic sections in person. Beau Rivage is way steeper in person than it looks on TV and video games.
100% for me its my favorite city where I lived so far. So many things to do and perfect weather, so many sunny days and great connection to rest of the country.
I already have the current full list of where drivers officially reside in the Monaco-specific video, but I might as well also put that here as a summary: Red Bull Racing: VER: Monaco, PER: Mexico (Spain during the European leg) Mclaren: NOR: Monaco, PIA: England Ferrari: LEC: Monaco, SAI: Spain Mercedes: HAM: Monaco, RUS: Monaco Aston Martin: ALO: Monaco, STR: Switzerland Visa RB: TSU: Italy, RIC: Monaco Haas: HUL: Monaco, MAG: Denmark Alpine: OCO: Switzerland, GAS: Italy Williams: ALB: Monaco, COL: England? Audi-Sauber: BOT: Monaco, ZHO: England
Sargent has no benefits living in Monaco; as a US citizen, the IRS doesn’t distinguish between addresses….he pays and that’s final. There’s no where on earth he could go to hide from those tenacious….people. (I don’t want yt to ban me)
PER lives in Madrid so is Sainz. Sainz owns an apartment in Italy tho near the factory. He goes there from time to time but he is based in Madrid. ALO lives in Monaco. He regularly posts IG stories of him working out in his apartment gym in Monaco. He also posts running around Monaco for workout. STR lives in UK for a while now he mentioned it in his SkySports interview.
@@vbv7689 A little delayed response, but when I checked, I didn't find any references on his IG account that would directly imply a move from Switzerland to Monaco in the recent past or elsewhere on the internet. As for Lance, he definitely has lived in Switzerland during his time in F1, but relocating to England in the recent past is possible, maybe having lived there first before moving to Switzerland at one point in his early years.
Hi kym greetings from Thailand we went to monaco in the mid 80s for the grand prix we booked to stay in menton was cancelled at the last minute so ended up in Nice bit more expensive than menton stay passionate
@@timaz1066 You know you can register your number on the national 'do not call' registry and you wont be called. Right? takes 30 days to kick in once you register it, but it works. Havent had a spam call since.
Why are you surprised that only 33% of the Monaco residents are millionaires? Who's gonna serve them? Other millionaires?.... The other 67% are the ones who serve them....
Interesting you mentioned Jackie Stewart towards the end of the video. He was one of the first F1 drivers to go and live in Switzerland for tax reasons in the late 1960's, to avoid the UK tax rate that went as high as 98% in the mid-seventies.
Indeed. The Beatles lost literally multi millions because of Britain's ridicilous tax laws. Everything income above 150.000 GBP was taxed 98%. They wrote the song Taxman about it. It's also the main reason why they created Apple Records.
Jackie was underpaid back then even as worldchampion,he used to work other jobs as commentating for us races like indy and nascar and competed in other categories and championships to rake in extra income. He used to be travelling all the time through concord when it was in service,he said in a very old interview I can’t find’id be glad to be living in the uk where all the mighty formula 1 teams are based,but then id have to consider my love for motor racing,that i would love the sport enough to go absolutely broke in two years and be broke every year doing what i love”.the uk and scottish laws then forced him to live out in switzerland because hed be paying 60%-98%tax basically paying everything he had moving there
Only kept 2% above a threshold, not 2% of their total earnings! Still, that's the policies of socialism for you - tax the rich until they leave and you have no tax. Oh, wait, that doesn't work. Correct, it doesn't work. That's why it would be senseless to reverse so-called "Non-Dom" taxes in the UK; the rich would simply leave and you get no income tax, they don't employ gardeners, drivers, eat at fancy restaurants, expensively educate their children and so on.@@mamavswild
I was stationed in Germany in 1973 and 74 for the US Army. I was able to make the Grand Prix and Nürnberg but missed the Grand Prix in Monaco by one week. It was very expensive to me then so I would hate to see what it is now.
I thought it was 0% tax in Monaco for foreign earned income but income earned in Monaco was taxable. So if you've got an income producing company in, let's say Lancelin, and you have resident status in Monaco you don't need to declare the income or dividends from your Lancelin based company. A rich person with overseas income would be unlikely to draw a wage at all, maybe a nominal amount to satisfy some regs somewhere, preferring to take money out in the form of dividends, directors loans, return of capital, etc, whose tax treatment is very different to wages. If your company is serving coffees at the Monaco harbour then you pay company and income tax. Someone correct me if I'm wrong, I got this info from a local last time I was in Monaco. I'd also be surprised that drivers received "wages" as such from the teams. If they did the money would be taxed at source. More likely it goes through the driver's management company, the Team "expensing" the payment as a contract payment, or, if they have no manager, into the driver's operating company from which they would draw a "wage". The bulk of the driver's contract payment would probably sit in the company accounts and pay company tax, or more likely used to purchase houses, classic cars, farms in the company name as assets (the drivers paying a fee to the company for personal use of the asset). Anyone who can clarify, confirm or debunk please chime in.
Great video, i went to Monaco and Barcelona F1 races this year. I had an absolute blast. I actually stayed in the border town of Ventimiglia Italy, on the mountainside of the town and it was wondrous, and incredibly cheap for a very nice house with breathtaking views about 40 minutes drive to Monaco; where everything was orders of magnitude cheaper than France and Monaco. Not that i couldn't afford to stay closer (we stayed in a beautiful place in Nice too.), it just worked out that way as we were on a three week trip that started in Rome and ended in Barcelona, and i am glad it did. WHAT a trip. Italy is still my favorite EU nation. But Monaco and Spain were also great. France..was ok too lol.
“13 and half million euros! Money doesn’t go very far, in Monaco.” *Proceeds to show a graph of Lando saving 13.5 million in a single year from income taxes* I know he means for regular people who aren’t making 7+ figure annual salaries, but a one time payment for an apartment in Monaco to save potentially hundreds of millions over your lifetime seems like that initial 13.5 million goes pretty far and that’s one hell of an investment.
@stupidhead9117 Are you good? All you had to do is say the obvious, that Lewis is the first driver he mentioned so him mentioning the tax thing is a coincidence. Obviously he wasn’t going to mention it every time. Instead you went to the most pathetic argumentative bullshit. 😒
Hi Kym When I lived in UK We used to go to Le Mans 24 hrs It was part of a holiday. After the race we would drive on down to a lovely place called Frejus in the Cote d'Azur. Where we would spend some days traveling around. Drove along to Monaco a couple of times. Also around the circuit. Plus a good walk around It's an amazing place. I'm in Queensland now, so I do miss the trips in France. But I do live in a lovely place now so it compensates. I'm really pleased with my tee Stay Passionate. 👍
I was wondering about this. TMK his currently-owned known properties are a condo in Abu Dhabi, and a house in Spain, and the Swiss property has been long sold off. I saw something about moving to Monaco but I'm not sure that's been confirmed. But having a condo in Monaco now for tax and travel convenience purposes wouldn't surprise me in the least. I believe Perez did just that recently. He has his family condo in Puerto Vallarta and possibly one now in Monaco.
If you dont spend more than 91 days in the UK you don't pay tax on what you earn. If you spend more than 183 days outside the UK, you can register as a non resident 😀
So many people crammed into such a compact area, doesnt seem like an experience I would rush out to live in, regardless of the tax rate lol. If I made the kind of money these guys make, my happy ass would be parked up in some remote mountian village, probably in Switzerland.
I spent years working there for a company called Tooth Transport, we used to do high end moves for all the stars and F1 drivers. Was the Senna days etc. just normal blokes really,
You mentioned Madrid as your favourite city but there’s an other place to be in Spain, namely Barcelona, it’s a fantastic city. I love that it’s on the Mediterranean so when you get tired of being in the city you can go to the beach. It also doesn’t get as hot as Madrid.
My sister-in-law had a job in Monaco working for a yacht-hire business. The place 'stunk' of money according to her. My brother, who worked in France, proudly parked his ancient BMW 3-series in their block's underground car park in Monaco, where it was surrounded by Ferraris and other expensive but impractical cars. By the way, England does not have its own income tax system. It is the UK tax system here in the UK.
Not strictly true - all of the UK home nations, in particular Scotland and NI, have varying tax rates and Scotland even has its own income tax brackets. HMRC does collect it for all of the UK, however.
Max has gotten some flack in the Dutch media recently for living in Monaco and accused of being a tax-dodger. In reality he isn't born or live in The Netherlands so not sure why he would have to pay taxes here.
Fernando.paid 50 million Euros to go back to live in Spain within the last 3 or 4 years he lived in the Oxford then Switzerland then moved to Dubai. I remember reading he said he had enough money and that's why he paid a lump sum up front to move back to Spain..I'm guessing he had enough of paying tax then to go back to Switzerland. I thought I'd seen something about George Living in Monaco . Massa , Rosberg and Coulthard still live in Monaco. Rosberg even though he raced under German Flag was born and brought up in Monaco .
Well I can see that many of the drivers who yet don't live in Monaco are young one (Sargent, Zhou, Piastri) and their salaries are not so high so it doesn't make sense for them, they need to be earning couple millions per year to justify extra costs. I bet Piastri will move there soon.
Great video as per usual always great content… appreciate your time and sharing 😂 I love Monaco walking the streets with the rich and famous love to pretend I’m super rich 😂😂😂 ..
@@hughnique7717well I know for a fact that Max moved because Max talked about it, Kelly posted about it and Max held a house warming party. But I haven’t heard anything about what you just said
You missed Kimi when you mentioned ex drivers in Switzerland. He has a mansion in Baar, Zug. That's approx. 1 hr drive from Alfa Romeo's hq in Hinwil, Zürich.
My inside knowledge reveals there are UK life preservers commonly known as CTI or 'citizens tax intervene', which brings into play various paths available to receive significant refunding. Its based upon a reciprocal understanding or presumption, simply, he or she who has will support.
The size of Monaco? Half the size of Central Park. In NYC. That half a million is a gustimate as there are actually no official numbers. It’s the bank that will release a statement, intended for the government, that you have ample funds to sustain yourself. The number is not really known but I doubt that half a million will do. As far as visiting Monaco, the F1 weekend is NOT the best time of the year as it’s waaaay too crowded and loud, but if you like to party there’s nothing like it. Most residents that do not enjoy F1 usually go somewhere else during that time.
Max's manager Vermeulen said, “It is factually incorrect what is written . He further explained that Max Verstappen pays taxes for the income he generates in the Netherlands, alongside other countries where he earns money. “We pay taxes on the sports performances we deliver in the Netherlands, such as the income he earned during the Dutch Grand Prix in Zandvoort,” he said. " We also pay taxes in other countries where he as a sportsman generates income. Furthermore, we have no activities in the Netherlands. Why should we have to pay tax on foreign income there? It would be strange if you paid twice, these are the international rules. One can find something moral about everything, in the end it’s just the legal and fiscal legislation and we adhere to that in all shapes and sizes,” he added.
Yess but on his base income which is by far the lump sum, he doesn’t as he’s Monaco based. And good for him! I would have done the same, in his position. Income from merch sold in Holland is like pocket chance compared to his RBR income. It is a nice response to shut up all the jelly reporters.
As does Charles Leclerc. He owns a track in Italy and has started his own Karting team. Max has his own Karting team and also is involved in a Formula 3 team. Kym should do a behind the scenes video of other business interests of the F1 drivers however, many likely need to keep some information private due to sponsorships and possible conflicts with their F1 contracts.
So if there is no tax at all in Monaco, how does it sustain itself when it comes to things like roadworks, building construction, waste collection etc? Who pays for all that? That's the part I've always wondered.
Disneyland in California is 500 acres, and Monaco is coincidentally almost the same. They both maintain their economies roughly the same way; expensive items generating VAT, and tourism.
@@alexstuartphotography. Thank you! I was wondering as well! I mean, they would still need at the least a functioning fire department, police force and road/infrastructure workers. They may not need an army or a welfare system but it’s still pretty expensive to run even a little country
As mentioned in the video, French people still have to pay tax in Monaco. So any businesses registered there or service providers for all those mega rich visitors and foreign residents are paying it.
What you said about George not getting any peace in London (which tbh, I find odd. I've heard a number of celebrities - far more broadly famous than any sportsman, like Harrison Ford - say that Londoners couldn't care less who you are and don't stare, let alone interrupt you. Maybe it's changed since social media came along?), could be the main reason why they go to Monaco. There are plenty of tax havens throughout the world, including in the British Isles (Isle of Man and the Channel Islands). But I think that when you have a country where the original locals see so many famous people on a daily basis, and the rest of the population is eye-wateringly rich and probably famous, nobody is going to disturb you when you go out for a beer with your mates. They also mostly all choose Monaco because their friends are there. I think the tax haven thing isn't as important to them as being able to live without being pestered is.
Kym you tricked me into shameful creepiness...."well i guess you here to find out where the f1drivers live, what a feckin creep" i mean you could have added that seamlessly 😂. Love your content keep it up man.
Small correction/ remind Monaco has no income tax but they do have other taxes that are quite high(comparatively) obviously still worth for multi millionaires
Yeah but that driver does that openly and the fans know/acknowledge that. The fans of the driver accused of evading taxes deny that he does not pay taxes. Small but significant difference.
@@nielsdebakker3283 Uuh no, dummy, he got attacked for living in Monaco and that he has an accountant who obviously sought out the most positive process around buying the plane. Something everyone does. Hamilton never commented on his taxes (why would he). And when they actually looked into it, they found out he's among the 500 most tax playing citizen of the country. But all irrelevant to you I'm sure, because else you'd know about it.
People seem to say that only SF is responsible for the strategy mess but CL has to take his part of the responsibility here. He is the driver he is the one definitely feeling the track conditions. Hamilton has been asked if it was the right time to box and he said basically that the track was too dry to go for inters. This is what you expect from a professional driver. But when it is Charles, box box he simply says ok. For me he is not showing any personality and he is 100% responsible here
A lot of inconsistencies in your video Kym. Alonso lives in Monaco. He regularly posts IG stories of him working out or having a run around Monaco. Lance lives in UK as well for a while now. He revealed it in his SkySports interview few months back. George lives in Monaco now.
It's interesting that Moscow is ranked among your top 3 favourite cities Kym! I lived and worked in Moscow for a bit (way before everything with Ukraine went down) but now I couldn't think of anywhere worse to live and work. I prefer St. Petersburg to Moscow as the architecture there is closer to Europe and there are still some buildings that pre-date the USSR.
@@liukin95 Could have foreseen such an answer. Yeah, there is definitely not the best political situation but we are talking in general, taking into account the previous years
Ive only been to Moscow once on business and as an American, I wasnt warmly recieved. Everyone seemed standoffish. A complete 180 from Tokyo and esp Beijing.
![[TH] 2024 PMGC League | Survival Stage วันที่ 1 | PUBG MOBILE Global Championship](http://i.ytimg.com/vi/FVFT-PFwU80/mqdefault.jpg)
I live in the small village in Switzerland where Vettel used to live, prior to moving closer to Germany. (He used to play with the local football team) It was also the home to Sergio Marcchione. Kimi is also not far away. We've seen him with his boy in the local toy shop.
I live in CH too, the tax is good, but not quite as good as his chart shows! Add in various other small taxes, and the obligatory health costs, and it adds up, but still better than the majority of neighboring countries.
@@iain8837 Yep, he actually only shows Federal tax for single people, but no Cantonal tax. This must be one of the higher Cantons, as is just a bit below what I pay for both Federal and Cantonal. Also, the property prices (Where I live anyway) is not far off Monaco, it seems!. Very informative, nonetheless! I wonder if any of the drivers ever admit that it is for tax purposes?
@nickgalla-barth6336
I think they all admit they live in Monaco because of the lack of taxes.
There was some bitching going on, I don't know how long ago, it possibly started when Lewis moved there, because some athletes from the UK moved to Monaco to avoid paying the high taxes in England.
People thought they should stay in the UK and pay the taxes.
As if they wouldn't do the same if they were making that kind of money. I know I would 😂.
@@nickgalla-barth6336Gerhard Berger certainly did 😂
Doesn't Kimi live just outside of Zurich near Hinwil, the Sauber factory?
During the pandemic Lando, Charles, George and Alex played video games on Twitch pretty regularly. The interactions on the F1 games were hilarious. If you follow them even on other social media platforms they would record clips of it. I've heard Alex being interviewed recently to say that now that George has joined them and moved to Monaco, the 'Twitch quartet' as he called them will sometimes get together and hang out.
Bottas actually owns a big house in the French mountains near Monaco and rents an apartment in Monaco for 9,500€/m. He revealed that in a Finnish TV show last year.
His apartment rent is 5500-5600-something, actually, iirc, but a lot anyway & that house on French side is effectively only a free time house.
I wish he'd get a haircut
Never saw Bottas in MC when living there. I did see Albon, Lewis, Massa, Ricciardo and Leclerc though. I think a few of these guys just rent and then spend their time away or in their french villa.
@@TheJokerit19 why do you know this ask yourself that
Kimi, Ralf Schumacher and Roger Federer used to live in my village in the cheapest tax area in Switzerland. Tax in Switzerland changes depending on the canton and village you live in.
Kimi still lives in Baar, no?
@@nickgalla-barth6336 that i dont know, but he was the neighbour of my Dutch friends in Wollerau, where all of them lived
@@nickgalla-barth6336he does. I was a store manager in zug just a few months ago, he was a regular.
@@nickgalla-barth6336yes just recently saw him from afar
Kanton Schwyz - tax is very low.
But Vettel lives in Thurgau
Have been lucky enough to visit Monaco many times ! First was for the 2005 grand prix ..its also worth mentioning you can do the whole Monaco thing on a budget , The Historic racing is on a few weeks before every other year...its a great chance to se and hear F1 cars racing round the track ..The seats opposite the yachts that you see are the K1 seats ....Its a great way to enjoy F1 in monaco without the huge costs ...Stay in Nice a very easy and fantastic train ride in each day ....As Kym says its a nightmare when F1 is on ..forget taxis ..forget phone signal ..last train back to Nice is 11.30 roughly do not miss it !!
My experience of Monaco is always lots of fun but a hell of a challenge because I use a wheelchair. Honestly there are times when your wheels lose all traction on the hills and you're just a passenger hoping you don't skid into the road 😅 - fortunately some kind strangers then told us about the various elevators to help with some of the particularly inaccessible parts. I really hope to go back again next year. Fingers crossed 🤞
Fernando lives in Monaco too. His plane always back to Niza Airport, 30 min from Monaco.
George Russell lives in Monaco too. But he’s very quiet about it… 😉
And who wouldn’t if you were a f1 driver
Shhhhh
Tax evasion 💅
@@Daniel_V_better than being robbed blind
He only moved recently I understand.
i've been to monaco. wonderful place. i had lunch with my wife at mirabeau. it's a beautiful place against the mountain. but switzerland is the on another level for beauty.
Didnt George recently move to Monaco? Saw an Interview from the Monaco 2023 GP with him where he told that the move was just a few months ago.
Yes George moved there a few months ago
Yeah I think he recently did.
Yep very recently
George lives in Monaco now Kym. Moved beginning of the year. Watch his Channel 4 interview during the Monaco GP
Ok for the white Boys to live there, but lewis is called a tax dodger. Double standard racists.
Missed an important point about taxation in Monaco. Businesses get taxed 25% if at least a quarter of earnings come from outside of the country. And yes, sole owner businesses count. So for example, Lewis's salary as a driver wouldn't be taxed. BUT, any personal sponsorships he has with companies outside of Monaco or his ownership in sporting teams outside Monaco would be taxed. Same with Valtteri with his gin and coffee businesses. Lando with Quadrant and clothing. Daniel with Blue Coast, wine, clothing and karting businesses. You get the idea. These guys are paying taxes.
25% still better than 40% or more in other countries. I'm sure they have a team of accountants and lawyers that take care of that.
I'm glad you gave us an 8 second headstart.
Going to Monaco further radicalized me but I greatly enjoyed walking around the GP track and seeing all those iconic sections in person. Beau Rivage is way steeper in person than it looks on TV and video games.
really appreciate the production that goes into these, great job Kym!
Thanks so much!
I completely agree with your rating of Madrid. It is such a fun city with so much to do!!
100% for me its my favorite city where I lived so far. So many things to do and perfect weather, so many sunny days and great connection to rest of the country.
Kym: appreciated your cameo on @Downielive 's video of the GP in Montreal!
the scammer part was indeed hilarious
He should do more of that lol
Always a great video with great info and a friendly flavour...thanks so much, Rick
Very welcome
I already have the current full list of where drivers officially reside in the Monaco-specific video, but I might as well also put that here as a summary:
Red Bull Racing: VER: Monaco, PER: Mexico (Spain during the European leg)
Mclaren: NOR: Monaco, PIA: England
Ferrari: LEC: Monaco, SAI: Spain
Mercedes: HAM: Monaco, RUS: Monaco
Aston Martin: ALO: Monaco, STR: Switzerland
Visa RB: TSU: Italy, RIC: Monaco
Haas: HUL: Monaco, MAG: Denmark
Alpine: OCO: Switzerland, GAS: Italy
Williams: ALB: Monaco, COL: England?
Audi-Sauber: BOT: Monaco, ZHO: England
Sargent has no benefits living in Monaco; as a US citizen, the IRS doesn’t distinguish between addresses….he pays and that’s final. There’s no where on earth he could go to hide from those tenacious….people. (I don’t want yt to ban me)
PER lives in Madrid so is Sainz. Sainz owns an apartment in Italy tho near the factory. He goes there from time to time but he is based in Madrid.
ALO lives in Monaco. He regularly posts IG stories of him working out in his apartment gym in Monaco. He also posts running around Monaco for workout.
STR lives in UK for a while now he mentioned it in his SkySports interview.
I always assumed Checo was living in Switzerland as well.
@@vbv7689 A little delayed response, but when I checked, I didn't find any references on his IG account that would directly imply a move from Switzerland to Monaco in the recent past or elsewhere on the internet.
As for Lance, he definitely has lived in Switzerland during his time in F1, but relocating to England in the recent past is possible, maybe having lived there first before moving to Switzerland at one point in his early years.
Checo lives in Madrid during European and Middle eastern races
I live in Monaco as well. But only in Monaco di Bavaria (Munich) 🙂
Hi kym greetings from Thailand we went to monaco in the mid 80s for the grand prix we booked to stay in menton was cancelled at the last minute so ended up in Nice bit more expensive than menton stay passionate
Stay Passionate!
I particularly enjoyed that you chose to include the scammer’s phone call in the video! 😂
And yes, I received an average of three of those a day, and I have the same sentiment Kym does about them.
@@timaz1066 You know you can register your number on the national 'do not call' registry and you wont be called. Right? takes 30 days to kick in once you register it, but it works. Havent had a spam call since.
Why are you surprised that only 33% of the Monaco residents are millionaires? Who's gonna serve them? Other millionaires?.... The other 67% are the ones who serve them....
There is nothing wrong with that!
Interesting you mentioned Jackie Stewart towards the end of the video. He was one of the first F1 drivers to go and live in Switzerland for tax reasons in the late 1960's, to avoid the UK tax rate that went as high as 98% in the mid-seventies.
Indeed. The Beatles lost literally multi millions because of Britain's ridicilous tax laws. Everything income above 150.000 GBP was taxed 98%. They wrote the song Taxman about it. It's also the main reason why they created Apple Records.
Jackie was underpaid back then even as worldchampion,he used to work other jobs as commentating for us races like indy and nascar and competed in other categories and championships to rake in extra income. He used to be travelling all the time through concord when it was in service,he said in a very old interview I can’t find’id be glad to be living in the uk where all the mighty formula 1 teams are based,but then id have to consider my love for motor racing,that i would love the sport enough to go absolutely broke in two years and be broke every year doing what i love”.the uk and scottish laws then forced him to live out in switzerland because hed be paying 60%-98%tax basically paying everything he had moving there
@@hughnique7717 what?!?! They only kept 2% of their income!! 😳🤯
@@mamavswild Yup they cancelled multiple deals (for instance a major Pepsi sponsorship) because it meant bringing all the proceeds to the taxman.
Only kept 2% above a threshold, not 2% of their total earnings! Still, that's the policies of socialism for you - tax the rich until they leave and you have no tax. Oh, wait, that doesn't work. Correct, it doesn't work. That's why it would be senseless to reverse so-called "Non-Dom" taxes in the UK; the rich would simply leave and you get no income tax, they don't employ gardeners, drivers, eat at fancy restaurants, expensively educate their children and so on.@@mamavswild
Zhou doesnt live in Sheffield anymore, he was there only becoz for studying and karting. Then he went back to London for racing.
I was stationed in Germany in 1973 and 74 for the US Army. I was able to make the Grand Prix and Nürnberg but missed the Grand Prix in Monaco by one week. It was very expensive to me then so I would hate to see what it is now.
I thought it was 0% tax in Monaco for foreign earned income but income earned in Monaco was taxable. So if you've got an income producing company in, let's say Lancelin, and you have resident status in Monaco you don't need to declare the income or dividends from your Lancelin based company.
A rich person with overseas income would be unlikely to draw a wage at all, maybe a nominal amount to satisfy some regs somewhere, preferring to take money out in the form of dividends, directors loans, return of capital, etc, whose tax treatment is very different to wages. If your company is serving coffees at the Monaco harbour then you pay company and income tax. Someone correct me if I'm wrong, I got this info from a local last time I was in Monaco.
I'd also be surprised that drivers received "wages" as such from the teams. If they did the money would be taxed at source. More likely it goes through the driver's management company, the Team "expensing" the payment as a contract payment, or, if they have no manager, into the driver's operating company from which they would draw a "wage". The bulk of the driver's contract payment would probably sit in the company accounts and pay company tax, or more likely used to purchase houses, classic cars, farms in the company name as assets (the drivers paying a fee to the company for personal use of the asset).
Anyone who can clarify, confirm or debunk please chime in.
Great video, i went to Monaco and Barcelona F1 races this year. I had an absolute blast. I actually stayed in the border town of Ventimiglia Italy, on the mountainside of the town and it was wondrous, and incredibly cheap for a very nice house with breathtaking views about 40 minutes drive to Monaco; where everything was orders of magnitude cheaper than France and Monaco. Not that i couldn't afford to stay closer (we stayed in a beautiful place in Nice too.), it just worked out that way as we were on a three week trip that started in Rome and ended in Barcelona, and i am glad it did. WHAT a trip. Italy is still my favorite EU nation. But Monaco and Spain were also great. France..was ok too lol.
Monaco is a cool place .....
Madrid is amazing, my favorite city
Bottas' pad in Finland (4:00) looks like a small place until you see the chairs on the deck. What at first looks like normal windows ... are 4m tall.
What are you smoking? No shot that's 4 meters.
Yes glad knowing about the drivers
This is excellent! Really enjoyed the video Kym!
Glad you enjoyed it!
“13 and half million euros! Money doesn’t go very far, in Monaco.”
*Proceeds to show a graph of Lando saving 13.5 million in a single year from income taxes*
I know he means for regular people who aren’t making 7+ figure annual salaries, but a one time payment for an apartment in Monaco to save potentially hundreds of millions over your lifetime seems like that initial 13.5 million goes pretty far and that’s one hell of an investment.
They only talk about Lewis living in Monaco to avoid tax but are silent about half the grid…
@stupidhead9117 Are you good? All you had to do is say the obvious, that Lewis is the first driver he mentioned so him mentioning the tax thing is a coincidence. Obviously he wasn’t going to mention it every time. Instead you went to the most pathetic argumentative bullshit. 😒
I loved that Switzerland - negative joke!
Kym Illman: The Robin Leach of F1 🤗🏎️💨
Hi Kym When I lived in UK We used to go to Le Mans 24 hrs It was part of a holiday. After the race we would drive on down to a lovely place called Frejus in the Cote d'Azur. Where we would spend some days traveling around. Drove along to Monaco a couple of times. Also around the circuit. Plus a good walk around It's an amazing place. I'm in Queensland now, so I do miss the trips in France. But I do live in a lovely place now so it compensates. I'm really pleased with my tee Stay Passionate. 👍
Sounds delightful
Piastri and Russell both live in Monaco i believe. Sainz in Italy to.
Russell recently moved there. Piastri is definitely residing in England.
Alonso moved to Monaco in 2021 and Russell also lives in Monaco
I was wondering about this. TMK his currently-owned known properties are a condo in Abu Dhabi, and a house in Spain, and the Swiss property has been long sold off. I saw something about moving to Monaco but I'm not sure that's been confirmed. But having a condo in Monaco now for tax and travel convenience purposes wouldn't surprise me in the least. I believe Perez did just that recently. He has his family condo in Puerto Vallarta and possibly one now in Monaco.
I´m from Madrid, glad you liked it so much. I loved Sydney when I went there :)
So good!
3:40 don't forget great weather there
Fresh, original content as always Kym.
G'day from Quinns Rock 👍
Hey, thanks!
Thanks for your words about Madrid.
I think is really underrated
I love it
don't forget about King Leonard Casley just up the road from you, the Hutt River Province had a transaction tax of 0.5%
I live in Italy in Early 1990’s. And being a photographer I frequently wandered the Streets of Monaco shooting images, and no body said a Word!! 😉😉
I actually lived next to nyck de vries here in the netherlands
If you dont spend more than 91 days in the UK you don't pay tax on what you earn. If you spend more than 183 days outside the UK, you can register as a non resident 😀
Love Monaco!
Monaco is crazy 😨😨😳😳 I bet it’s a lovely place to visit
So many people crammed into such a compact area, doesnt seem like an experience I would rush out to live in, regardless of the tax rate lol. If I made the kind of money these guys make, my happy ass would be parked up in some remote mountian village, probably in Switzerland.
This is really interesting, keep it up Mr Illman !
Thanks, will do!
I spent years working there for a company called Tooth Transport, we used to do high end moves for all the stars and F1 drivers. Was the Senna days etc. just normal blokes really,
You mentioned Madrid as your favourite city but there’s an other place to be in Spain, namely Barcelona, it’s a fantastic city. I love that it’s on the Mediterranean so when you get tired of being in the city you can go to the beach. It also doesn’t get as hot as Madrid.
I just spent a month in Barcelona
Zhou lives here in Sheffield
He doesnt live in sheffield anymore lol, he used to live there when he was studying and karting, then he moved to london
My sister-in-law had a job in Monaco working for a yacht-hire business. The place 'stunk' of money according to her. My brother, who worked in France, proudly parked his ancient BMW 3-series in their block's underground car park in Monaco, where it was surrounded by Ferraris and other expensive but impractical cars.
By the way, England does not have its own income tax system. It is the UK tax system here in the UK.
Not strictly true - all of the UK home nations, in particular Scotland and NI, have varying tax rates and Scotland even has its own income tax brackets. HMRC does collect it for all of the UK, however.
Max has gotten some flack in the Dutch media recently for living in Monaco and accused of being a tax-dodger. In reality he isn't born or live in The Netherlands so not sure why he would have to pay taxes here.
Very nice and informative video 😍👍🏻
Thanks Kym, can’t wait for this weekend! We’re going through race withdrawals, LOL!😂🏁
Yep Perth ain’t too bad. But if I would have hit that 150 mill on Thursday, might have had a look at Monaco.
I am so poor that I feel like working in Monaco as personal home cleaner would be fine with me as the place itself is so beautiful.
Wow very cool you live in WA as well! Awesome.
nico rosberg also used to live in monaco as he grew up there
yooo MECHA 43 is sick. it would be cool to get one haha!
Russell is living in monaco too since a year
I heard someone (Norris I think) say that George had just recently moved to Monaco?
That print is F I R E, Kym! F I R E !
Fernando.paid 50 million Euros to go back to live in Spain within the last 3 or 4 years he lived in the Oxford then Switzerland then moved to Dubai. I remember reading he said he had enough money and that's why he paid a lump sum up front to move back to Spain..I'm guessing he had enough of paying tax then to go back to Switzerland. I thought I'd seen something about George Living in Monaco . Massa , Rosberg and Coulthard still live in Monaco. Rosberg even though he raced under German Flag was born and brought up in Monaco .
9:50 George moved to Monaco in around March. So he lives there know, but I assume he still has an apartmant in London too.
Well, living in this video means where they officially are registered. They have properties all over the world.
Well I can see that many of the drivers who yet don't live in Monaco are young one (Sargent, Zhou, Piastri) and their salaries are not so high so it doesn't make sense for them, they need to be earning couple millions per year to justify extra costs. I bet Piastri will move there soon.
Great video as per usual always great content… appreciate your time and sharing 😂
I love Monaco walking the streets with the rich and famous love to pretend I’m super rich 😂😂😂 ..
Max moved from his apartment to a penthouse at the end of last year, it’s worth at least 30 million
I heard that story too. Wasn't it build very recently on a piece of land claimed from the sea? I have heard that it cost him 40 miliion Euro's
@@hughnique7717well I know for a fact that Max moved because Max talked about it, Kelly posted about it and Max held a house warming party. But I haven’t heard anything about what you just said
@@hughnique7717sounds very dutch to be honest 😂
He rents it and it's next to his old apartment which was also rented, fwiw. Plus he lives there year round since his 18th birthday.
You missed Kimi when you mentioned ex drivers in Switzerland. He has a mansion in Baar, Zug. That's approx. 1 hr drive from Alfa Romeo's hq in Hinwil, Zürich.
interesting how most these guys opt for apartment/condo living as opposed to large stand alone homes.
My inside knowledge reveals there are UK life preservers commonly known as CTI or 'citizens tax intervene', which brings into play various paths available to receive significant refunding. Its based upon a reciprocal understanding or presumption, simply, he or she who has will support.
Nice video
Kym George lives in Monaco now
Korreckt
Kimi Raikonnen lives in Switzerland, too...
The size of Monaco? Half the size of Central Park. In NYC.
That half a million is a gustimate as there are actually no official numbers. It’s the bank that will release a statement, intended for the government, that you have ample funds to sustain yourself. The number is not really known but I doubt that half a million will do.
As far as visiting Monaco, the F1 weekend is NOT the best time of the year as it’s waaaay too crowded and loud, but if you like to party there’s nothing like it. Most residents that do not enjoy F1 usually go somewhere else during that time.
Max's manager Vermeulen said, “It is factually incorrect what is written . He further explained that Max Verstappen pays taxes for the income he generates in the Netherlands, alongside other countries where he earns money. “We pay taxes on the sports performances we deliver in the Netherlands, such as the income he earned during the Dutch Grand Prix in Zandvoort,” he said.
" We also pay taxes in other countries where he as a sportsman generates income. Furthermore, we have no activities in the Netherlands. Why should we have to pay tax on foreign income there? It would be strange if you paid twice, these are the international rules. One can find something moral about everything, in the end it’s just the legal and fiscal legislation and we adhere to that in all shapes and sizes,” he added.
Note that is was in reply to "accusations" that Max is ducking taxes in the Netherlands, not about living in Monaco etc.
@@Rob2 it was meant as a clarification about paying no taxes.
Yess but on his base income which is by far the lump sum, he doesn’t as he’s Monaco based. And good for him! I would have done the same, in his position.
Income from merch sold in Holland is like pocket chance compared to his RBR income. It is a nice response to shut up all the jelly reporters.
I live on a small island where Nigel mansel used to live
Magnificent. And you get to watch the Rallies and TT. What more could you want!
Just got to know Carlos Sainz owns a karting park. Please make a video on what are the other businesses of F1 drivers.
As does Charles Leclerc. He owns a track in Italy and has started his own Karting team. Max has his own Karting team and also is involved in a Formula 3 team. Kym should do a behind the scenes video of other business interests of the F1 drivers however, many likely need to keep some information private due to sponsorships and possible conflicts with their F1 contracts.
With KMag living in Denmark it is probably safe to say he has the highest tax rate of any driver on the grid.
The Schumachers are also in Switzerland
You sitting in business class chatting to K. Mag is the biggest flex
Notice that even (some of) the drivers that dont "live" in Monaco, HAVE houses/apartments there...
If I had their job I think I would be doing the same thing
So if there is no tax at all in Monaco, how does it sustain itself when it comes to things like roadworks, building construction, waste collection etc? Who pays for all that? That's the part I've always wondered.
Disneyland in California is 500 acres, and Monaco is coincidentally almost the same. They both maintain their economies roughly the same way; expensive items generating VAT, and tourism.
All the hotels, casino's and restaurants are owned by the principality.
@@alexstuartphotography. Thank you! I was wondering as well! I mean, they would still need at the least a functioning fire department, police force and road/infrastructure workers. They may not need an army or a welfare system but it’s still pretty expensive to run even a little country
As mentioned in the video, French people still have to pay tax in Monaco. So any businesses registered there or service providers for all those mega rich visitors and foreign residents are paying it.
What you said about George not getting any peace in London (which tbh, I find odd. I've heard a number of celebrities - far more broadly famous than any sportsman, like Harrison Ford - say that Londoners couldn't care less who you are and don't stare, let alone interrupt you. Maybe it's changed since social media came along?), could be the main reason why they go to Monaco.
There are plenty of tax havens throughout the world, including in the British Isles (Isle of Man and the Channel Islands). But I think that when you have a country where the original locals see so many famous people on a daily basis, and the rest of the population is eye-wateringly rich and probably famous, nobody is going to disturb you when you go out for a beer with your mates. They also mostly all choose Monaco because their friends are there. I think the tax haven thing isn't as important to them as being able to live without being pestered is.
You earned yourself a new subscriber PRECISELY for the scam lady who hung up after u whispered about her 😂😂😂😂
Kym you tricked me into shameful creepiness...."well i guess you here to find out where the f1drivers live, what a feckin creep" i mean you could have added that seamlessly 😂. Love your content keep it up man.
A lot of top tennis players live in Monaco also. Doubt if they spend more than a couple months there.
fernando has a place in monaco too
Noted
adrian Sutil lives in Monaco also
Small correction/ remind Monaco has no income tax but they do have other taxes that are quite high(comparatively) obviously still worth for multi millionaires
And typically, only one guy gets media reports about evading taxes, repeated by fans of drivers that also live there, strangely enough.
Yeah but that driver does that openly and the fans know/acknowledge that. The fans of the driver accused of evading taxes deny that he does not pay taxes.
Small but significant difference.
@@nielsdebakker3283 Uuh no, dummy, he got attacked for living in Monaco and that he has an accountant who obviously sought out the most positive process around buying the plane. Something everyone does. Hamilton never commented on his taxes (why would he). And when they actually looked into it, they found out he's among the 500 most tax playing citizen of the country. But all irrelevant to you I'm sure, because else you'd know about it.
Actually won money in the casino during our trip in June..... LOL about 200 dollars US
People seem to say that only SF is responsible for the strategy mess but CL has to take his part of the responsibility here. He is the driver he is the one definitely feeling the track conditions. Hamilton has been asked if it was the right time to box and he said basically that the track was too dry to go for inters. This is what you expect from a professional driver. But when it is Charles, box box he simply says ok. For me he is not showing any personality and he is 100% responsible here
My respect for putting Moscow as number 3 🤝
A lot of inconsistencies in your video Kym.
Alonso lives in Monaco. He regularly posts IG stories of him working out or having a run around Monaco.
Lance lives in UK as well for a while now. He revealed it in his SkySports interview few months back.
George lives in Monaco now.
Russell lives in Monaco.
It's interesting that Moscow is ranked among your top 3 favourite cities Kym! I lived and worked in Moscow for a bit (way before everything with Ukraine went down) but now I couldn't think of anywhere worse to live and work. I prefer St. Petersburg to Moscow as the architecture there is closer to Europe and there are still some buildings that pre-date the USSR.
Moscow is chosen not for the impressive historical background (It's still so) but for the comfort, infrastructure and the safety
@@ПетрБалябин-и9н It's not particularly safe there at the moment...
@@liukin95 Could have foreseen such an answer. Yeah, there is definitely not the best political situation but we are talking in general, taking into account the previous years
Ive only been to Moscow once on business and as an American, I wasnt warmly recieved. Everyone seemed standoffish. A complete 180 from Tokyo and esp Beijing.
@@junkiexl86 Yep I'm British and I was always known as the "anglo-saxon". They seem to use "anglo-saxon" as a derogatory term in Russia!