The Monte-Carlo Masters is underway, which happens to be the first Masters 1000 tournament of the year on clay. It’s a picturesque venue, which is one of the most beautiful in the world. Monte Carlo is a district in the Principality of Monaco, which is a sovereign city-state bordering France situated on the coast of the Mediterranean Sea.
Some top players in the world, like Novak Djokovic of Serbia and Stefanos Tsitsipas of Greece, who hail from other countries, have been living in Monte Carlo for some time.
Why do top players like Novak Djokovic live in Monte Carlo?
Along with being a beautiful place, Monte Carlo offers some other benefits for its residents as well. Monte Carlo has a typically sunny weather and is well-connected with the other major European cities through air.
It also has fantastic training facilities for tennis players, including the famous Patrick Mouratoglou tennis academy. Holger Rune of Denmark, who lives in Monaco, said in an interview with Forbes magazine in 2023:
“I come from Denmark, and it’s a great country but not a lot of tennis players. So, for me, the facilities and the players that are here (in Monaco) to practice with are really important because in Denmark I cannot get this kind of experience.”
However, even considering the nice weather and all the facilities, the biggest attraction for top athletes and the super-rich is the fact that Monaco is a tax-haven, having no personal income, capital gains or investment tax.
Tax-relief is the primary reason why top tennis players like Djokovic, Tsitsipas, Rune and Jannik Sinner stay in Monte Carlo. Some other prominent billionaires like Everton FC owner Farhad Moshiri have also made Monaco their home.
Novak Djokovic isn’t the first tennis great to live in Monte Carlo
Novak Djokovic isn’t the first tennis great in this regard. Bjorn Borg, the 11-time Grand Slam champion who ruled men’s tennis in the 1970s, also lived there during his prime as a player. He later moved back to his home country Sweden, but his decision to stay in Monaco was clearly taken keeping the financial benefits in mind.
It’s quite easy for rich people to obtain residency permit in Monte Carlo. One has to rent or buy n apartment there, open a bank account with at least €5,00,000 and have a utilities contract, like electricity. One also needs to have a clean criminal record.
European citizens can apply directly for residency in Monte Carlo, which takes around a couple of months to materialize. However, for US citizens, the process is more complicated.
They have to first apply for a long-term visa for France. Moreover, the US also has expatriation tax, which means its citizens will continue to have to pay tax even if they stay in Monte Carlo. Probably that’s the reason why no top US player lives there.
