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-   -   Why do so many pros live in Switzerland or Monte-Carlo? (http://tt.tennis-warehouse.com/showthread.php?t=422286)

papertank 04-29-2012 09:28 PM

Why do so many pros live in Switzerland or Monte-Carlo?
 
I was randomly looking at ATP profiles of the top ranked players today and I was surprised to see that a huge amount of players, if they don't still live in their birth city, live in Monte-Carlo, Monaco or somewhere in Switzerland. What makes these places so attractive to pro players?

WhiskeyEE 04-29-2012 09:31 PM

They're extremely nice places to live and they can actually afford it. Same reason so many wealthy americans move to SoCal.

mikekelley 04-29-2012 09:33 PM

That and they probably pay way less taxes there than in their home country

canadad 04-29-2012 09:35 PM

Lifestyle would be one reason, but I believe that residents of Monte Carlo do not pay income tax.

sbengte 04-29-2012 09:36 PM

Monaco is a well known tax haven and pros from countries with high taxation make it their official residence to save on tax. Not sure about Switzerland though, definitely can't be for tax advantage (unless there are specific regions where tax is low). Just that it is a nice place to live in.

nadal_slam_king 04-29-2012 09:57 PM

Quote:

Originally Posted by sbengte (Post 6497281)
Monaco is a well known tax haven and pros from countries with high taxation make it their official residence to save on tax. Not sure about Switzerland though, definitely can't be for tax advantage (unless there are specific regions where tax is low). Just that it is a nice place to live in.

I've heard this is true.

Sartorius 04-29-2012 10:08 PM

Ideal destinations to travel around.

nadal_slam_king 04-29-2012 10:13 PM

Also, Switzerland has an old population and is quiet/boring so good to be there if you don't want to be disturbed by party/nightlife.

Numenor 04-29-2012 10:25 PM

Not just tennis pros. Most F1 drivers live in Monte Carlo or Switzerland. Recently Fernando Alonso moved back to Spain from Switzerland, and he had to pay a titanic sum in back taxes.

dr325i 04-29-2012 11:14 PM

1) The beauty of those places has NOTHING to do why the pros REGISTER to live there. They spend most of their lives on Tour and back at real home places. They are just registered to live in those countries
2) Monte Carlo is a tax heaven where taxes are extremely low or none. ND, for example, has calculated that it is better to invest into an apartment and purchase for $10+M and save in taxes, than to pay taxes in Serbia and invest those $10M somewhere else.
3) Switzerland is a known tax heaven where rich can actually NEGOTIATE tax rate with the Government. So, end up paying very low taxes there, the Government still gets a "free money" and the Pros are still happier than paying 5x the amount somewhere else...

Then, there are places like the USA where they "double" tax you. Therefore, none of the US pros "lives" in MC or CH. For example, if you live and work in Europe and are a Resident/Citizen of the USA, you have to pay to the IRS the difference in taxes you paid abroad, although you worked ZERO days in the USA and made money thousands of miles away. It does not work the other way around (you do not get any refund if you paid more). Believe it or not, a lot of (not all) the European countries have lower income tax than the USA... It sucks...I just experienced 2 years of that...

Bartelby 04-29-2012 11:22 PM

Switzerland and Monaco, like Luxembourg and Singapore and similar, aren't real countries.

Imagine the tax rate in Manhattan if they could divorce themselves from America.

merlinpinpin 04-29-2012 11:28 PM

Quote:

Originally Posted by dr325i (Post 6497335)
3) Switzerland is a known tax heaven where rich can actually NEGOTIATE tax rate with the Government. So, end up paying very low taxes there, the Government still gets a "free money" and the Pros are still happier than paying 5x the amount somewhere else...

As far as I know, this only applies to foreign citizens living in Switzerland, the Swiss pay their taxes normally (ie Federer and Wawrinka sure aren't living in Switzerland to pay less taxes...) ;)

ollinger 04-30-2012 04:43 AM

Let's not use Monaco and Monte Carlo as if they're interchangeable. Monaco is the country, Monte Carlo is one of the 5 political divisions, neighborhoods really, in Monaco. As for Monaco not being a "real country," it's actually been a politically independent entity since something like the 13th century, albeit with a treaty that calls for France to provide for its military defense. Not sure what the French get from that other than jobs -- something like 50,000 workers commute daily from mostly France and to a lesser extent Italy to work in Monaco.

tennis_pro 04-30-2012 04:44 AM

Quote:

Originally Posted by papertank (Post 6497270)
I was randomly looking at ATP profiles of the top ranked players today and I was surprised to see that a huge amount of players, if they don't still live in their birth city, live in Monte-Carlo, Monaco or somewhere in Switzerland. What makes these places so attractive to pro players?

I'm gonna have to go with your signature here, the answer to that question is Federer in 2.

sureshs 04-30-2012 06:38 AM

Quote:

Originally Posted by dr325i (Post 6497335)
Then, there are places like the USA where they "double" tax you. Therefore, none of the US pros "lives" in MC or CH. For example, if you live and work in Europe and are a Resident/Citizen of the USA, you have to pay to the IRS the difference in taxes you paid abroad, although you worked ZERO days in the USA and made money thousands of miles away

Can you explain what you mean by "difference in taxes"?

sureshs 04-30-2012 06:42 AM

Quote:

Originally Posted by Bartelby (Post 6497339)
Switzerland and Monaco, like Luxembourg and Singapore and similar, aren't real countries.

Imagine the tax rate in Manhattan if they could divorce themselves from America.

Yeah Switzerland is allowed to hoard criminal and political money from all over the world. If it had not been a Western nation, the US would have invaded it over the amount of terrorist money sitting there. It is also protected by NATO in case of war. Nice cushy position to be, making overpriced chocolates and watches no one actually needs.

Evan77 04-30-2012 06:57 AM

rrrrrrrrrrrrrrrr, a millionaire, enjoy
http://www.youtube.com/watch?v=uVyfq6Da5HQ

spoutnik12 04-30-2012 08:25 AM

Quote:

Originally Posted by nadal_slam_king (Post 6497308)
Also, Switzerland has an old population and is quiet/boring so good to be there if you don't want to be disturbed by party/nightlife.

So obviously you're talking about a place you've never gone... And by the way G. Monfils is well known in my town to be a real party banger. So not sure he's come here to be quiet.

Most of the players who live in Switzerland are French players. They come here because of some fiscal advantages they can get. Of course they can go live in Bahamas, Singapour, etc., but France is next to Switzerland (like Monaco is). Paris is just les than 3 hours from where I live, no big problem for them.

batz 04-30-2012 09:11 AM

Quote:

Originally Posted by papertank (Post 6497270)
I was randomly looking at ATP profiles of the top ranked players today and I was surprised to see that a huge amount of players, if they don't still live in their birth city, live in Monte-Carlo, Monaco or somewhere in Switzerland. What makes these places so attractive to pro players?

Do you think it might have something to do with 0% income tax?

veroniquem 05-01-2012 02:32 AM

Fiscal paradise(s) obviously.


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