The French Riviera principality has long been a tax haven for athletes, celebrities, and the ultra-rich because it serves up no income tax for residents.
Of course, Djokovic wasn’t the first athlete to enjoy these financial benefits. Swedish tennis legend Björn Borg, who won five straight Wimbledon titles and six additional majors at the French Open, spent more than a decade as a resident of Monte Carlo, dating to the late 1970s.
Residency isn’t particularly hard to obtain, either. The requirements consist of renting or buying an apartment, opening and funding a bank account with at least €500,000 and taking on a utilities contract, such as electricity. Prospective applicants must also have a clean criminal record and participate in an interview with a police offer from the Monaco Security Bureau.
The French, in a way, are also out of luck in the home of the famed Casino de Monte-Carlo. Because of a longstanding agreement, French nationals living in Monaco are still subject to their country’s income tax. In total, Monaco has 35 signed agreements, with 33 currently being enforced, around the exchange of tax information with countries around the world, including the U.S. and France.
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