Many tennis players call this Moroccan paradise home. Visit our website and know why do tennis players live in Monte Carlo? We have all the news about it
If you are a huge tennis fan, then you may have noticed that many of the successful tennis players have set their residency to Monte Carlo. Monte Carlo is officially an administrative area of the principality of Monaco. It is considered by many people to be a high-profile tax heaven and this is due to its personal and business taxation laws and policies.
So, why do tennis players live in Monte Carlo? A lot of successful tennis players choose to live in Monte Carlo because Monaco levies no income tax. This is the number one reason so many wealthy athletes choose to live in Monte Carlo. However, it is safe to say that most tennis players only registered in Monte Carlo, and the reason for this is because they are always on tour all year round.
Even during the off season you won’t necessarily find these players in Monte Carlo either. Instead they go back to their real home with their families. So as you can see, most of these players on lives in Monte Carlo because of the economic benefits that comes with living there.
Monte Carlo = Place of Paradise
Since 1869, Monte Carlo have been considered to be a place of paradise because there are no levies on personal income tax for their residents. In order to be a resident of Monaco, you need to live in the principality for at least 6 months and one day of the year. Because most successful tennis players are on tour all year round they literally spend lesser time than 6 months in Monte Carlo.
Even though the income taxes are relatively low compared to other places around the world, it is known to be very expensive to live to live there. One thing for sure is that it had the world most expensive real estate market for several years.
Back in 2012, the average cost per square metre was $58,000. However, the players uses this has there advantages to invest tons of money and save taxes. But, if you take a closer look at the professional tennis players earnings, a $4 million investment in a house isn’t that much.
ATP Players in Monte Carlo
- Novak Djokovic
- Milos Raonic
- David Goffin
- Gael Monfils
- Alexander Zverev
- Kevin Andersson
- Grigor Dimitrov
What is Life Like in Monte Carlo
Even though the main reason most tennis players choose to live in Monte Carlo is because it offers their residents no income tax, there are ofcourse other reasons why a very few like it there as well.
Monte Carlo is considered to be breathtaking by a lot of people who live and visit there. For those has the ability to afford residing there, the city provides a luxurious lifestyle and a stunning landscape which is eye catching. Apart from that, the geographical location of the region is appealing for two reasons.
The first one been Monte Carlo is blessed with an unbelievably good climate which makes it a great place for training outdoors year round; you’ll definitely experience over 300 sunny days a year. The winters in the country are very short and mild, while the summer is known to be long and sunny.
It can be very hot in the summer, but does not seem to be a problem for people living there, as most of the luxurious apartments are located very close to the sea or they have their very own pool to cool down at.
The second thing is that Monte Carlo’s location is the ideal spot for traveling. The region’s proximity to all European tournaments translates into a convenient base for most tennis players.
How Much Money Can a Tennis Players Actually Save While Living in Monte Carlo?
If you are an avid tennis watcher, then you definitely know that tennis players are extremely rich because of the money they have primary earned through different tennis tournaments. Even though the prize money for a professional tennis tournament tends to differ a lot, the average for winning a ATP tournament is around €2 million.
One of the tennis players that live in Monte Carlo is David Goffin. Let’s say, David Goffin goes to the French Open and wins the tournament, he will then earned around €2 million in prize money. David Goffin is from Belgium and if he resides there, he will pay around 35% in taxes of those €2 million which is remarkably high. Which means that he will pay €700,000 in taxes for the prize money that he won.
So, instead of losing almost half of his prize money, he then moved to Monte Carlo and becomes a resident there. By simply doing that, he don’t need to pay any taxes anymore due to Monte Carlo no personal income tax. So eventually he will have the opportunity to keep all his prize money to himself without giving away almost half. So as you can see, by moving to Monte Carlo he saved €700,000 in only one tournament.
Now let’s take a look at David Goffin total career earnings. He have won in total €15 million in prize money throughout his career. If he played taxes in his home country Belgium, he would have paid approximately €5.2 million in taxes. With that said, he was in Monte Carlo during all those tournaments he would have save those €5.2 million.
Monte-Carlo Masters Annual Tennis Tournament
As you can see, Monte Carlo is not only a tax haven, but it is also where some of the biggest and most appreciated ATP tennis tournaments take place. The Monte Carlo is sponsored by Rolex. In the picture above is the central tennis court in Monte Carlo that is considered to be the best located tennis court in the world.
The Monte Carlo Masters is an annual tennis tournament for male professional players held in Roquebrune-Cap-Martin, France, a commune that borders on Monaco. The event is very known to be apart of the ATP World Tour Masters 1000 and it is the only tournament in the entire ATP tour where the players don’t have an mandatory commitment that they need to play. The tournament is a player and fan favorite due to its magnificent location. Another thing about this tournament is the fact that it is played on clay.
Other Reasons Players Prefer The City Of Monte Carlo
Here are some reasons that Monte Carlo has become a paradise for most tennis stars in recent years:
- Great climate
The heavenly weather of this beautiful country makes it exceptionally good for tennis practice. Though it does tend to get extremely hot during the summers, most places have robust air conditioning and there are also a number of indoor stadiums where tennis enthusiasts can work on their game, away from the stifling heat.
- Easy accessibility to most places in Europe
Though tennis is a global sport, Europe seems to be the continent that hosts the majority of tennis tournaments. This makes living in Monte Carlo a breeze as not much time is wasted travelling by players. It is not uncommon to see private jets being pooled between top-notch players when they live near each other.
- The easy-going attitude of locals
Monte Carlo has become a melting pot of cultures and ethnicities. There is a reason for this, and that is the welcoming nature of the locals. It is easy to integrate yourself into a community when you are treated with respect and that is exactly what you can expect from the citizens of this country.
- Multiple options for entertainment
Though tennis is a serious sport, it is obvious that players look out for entertainment too, and what better place than this Moroccan city? Known for a vast amount of entertainment options, from casinos to live music festivals and open-air theatres, Monte Carlo allows its residents to experience the best life possible.
- Facilities
Since so many World-renowned tennis players have chosen this city to be their home, the city is now swarming with tennis clubs and sports centres that offer top-notch facilities for them to train and practice.
Conclusion
Most people think that players only live in Monte Carlo because of the tax haven, but that’s not true. All of us would like to save as much as possible so I can’t blame them. But, when you see Monte Carlo for yourself and where it is positioned, I can guarantee that you will also want to resides there as well.
