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Why Do Tennis Players Live In Monte Carlo?

Over the past couple of decades, there has been a real influx of the world’s greatest tennis players making the move to Monte Carlo.

The region is found in the principality of Monaco which can be found on the southern coast of France and is considered to be one of the most lavish places to live anywhere on the planet.

It is not just tennis players that make the move to this Mediterranean paradise; with soccer players, racing drivers, and business people are also commonly found living there. 

One of the most prominent Monte Carlo residents is tennis legend Novak Djokovic who has lived in the principality for a while.

Today we will be taking a closer look at some of the reasons why so many tennis players now live in Monte Carlo, and whether you should consider making the jump too! 

It’s a Tax Haven

There are plenty of factors that go into making a move to another part of the world for anyone that’s considering taking the leap however, many of them come down to the financial aspects of the move.

Around the world, there are a handful of places that can be considered ‘tax havens.’ These famous places are often inhabited by the rich and famous as they look to avoid paying heavy taxes on their vast pots of wealth.

Here are seven tennis players who live in Monte Carlo for the tax benefits:

  • Novak Djokovic
  • Stefanos Tsitsipas
  • Andrey Rublev
  • Daniil Medvedev
  • Alexander Zverev
  • Matteo Berrettini
  • Grigor Dimitrov

Monte Carlo is one such location as it operates independently from the French government and can set its own laws surrounding taxation.

The rate of tax in Monte Carlo is much lower than in most nations around the world as it simply doesn’t charge any form of tax on personal incomes, such as wages and prize money.

If you’re looking to move your business to Monte Carlo, it is also a haven for businesses as the principality only charges businesses that make 25% or more of their revenue from overseas.

If you want to own a shop in Monte Carlo, be prepared to pay a pretty penny for the luxury as businesses that make 75% of their revenue from inside the borders of Monaco are exempt from paying corporation tax. 

There are also a vast array of prestigious banks that operate inside the borders of Monaco. These banks are able to hold the money of the wealthiest tennis players, giving them incredibly high interest rates as an incentive for them to store their funds with them.  

Privacy Elements 

Given that their lives are spent firmly in the public eye for the majority of their time, it is no surprise that the world’s biggest tennis stars like to live somewhere that they are more protected from outside distractions as this can sometimes impact their performances on the court.

It is no secret that Novak Djokovic likes to have his privacy respected, especially at home in Monte Carlo. 

From a financial perspective, the secrecy of Monte Carlo is not appreciated by international governments and regulatory bodies but it is something that benefits the wealthiest clients of banks and holding companies.

It is incredibly hard for any personal data of those using Monegasque banks to be discovered, whether you believe this is good or bad is up to you to decide. 

On a personal level, it is nice for those with certain lifestyles to be around people with similar circumstances.

This level of independence from the rest of the world allows famous people to walk around the streets without fear of being spotted by adoring fans on a daily basis, which must be refreshing after weeks of being hounded by people wanting autographs and pictures with their heroes. 

It’s a Beautiful Destination

Aside from the obvious financial incentives for tennis players to live in Monte Carlo, the area is actually an astonishing part of the world that needs to be seen to be truly appreciated.

The city is known for its gambling heritage and highly exclusive casinos that look like something out of a James Bond movie rather than real life. 

Aside from gambling, Monte Carlo also hosts many famous sporting events throughout the year. The most prestigious of these events is the Monaco Grand Prix, one of the biggest races in the annual Formula One calendar.

Tickets to the race can set people back thousands of dollars, but by living in the city, you may get a guaranteed front-row seat to the action, perhaps even from the balcony of your apartment. If you simply want to attend an event like this, there are also plenty of great hotels available to stay in. 

Taking a stroll down to the harbor is one of the best ways to see why so many tennis players want to live in this truly amazing place. The water is the clearest blue that can be imagined, with it also being the home of some of the most breathtaking super yachts in the world.

These yachts often host parties and meetings for some of the most powerful and richest people on the planet, making a mooring at the harbor an expensive ticket. 

There is also one of the most stylish shopping malls in the world that can be found in the center of Monte Carlo. The mall is filled with stores for some of the most expensive brands in the world and is decorated with marble archways and glass chandeliers that make for an exclusive experience. 

Could I Move There Too? 

Well, the bottom line is that if you can afford to make the move then you certainly can. In reality, though it is hard for anyone to actually move to Monte Carlo without significant wealth – and often fame – behind them.

The Monegasque government actually has very strict immigration policies that have prevented an influx of people that want to live in their small principality. 

Upon applying to live in Monte Carlo, you are requested to provide evidence of your lifestyle, including your job and earnings to ensure that you can afford to live well in the region.

It is estimated that you need to be earning around 500% more than the average single American citizen to make the move to Monte Carlo.

You are also asked whether you believe that you can sustain these earnings for a prolonged period as the government doesn’t want to have people who have earned and lost their wealth very quickly living there. This actually makes it harder for people like lottery winners to live in Monte Carlo. 

If you can afford to live in the area, the average rental cost is believed to be in the range of $6,000 per month for a single person. If you want to purchase a property in the region, you are looking at anywhere from $1 Million to hundreds of millions of dollars to do so. You need to be very rich. 

Now that you know why tennis players live in Monte Carlo and how you would go about making the move to the riviera, are you considering making the move yourself?

If you are, I must say that I’m jealous because most folks can only dream of doing so. The area is well worth visiting on holiday though and can be accessed via a flight to the International airport in Nice.