Despite Being Worth $285,000,000, Lewis Hamilton Resorted to Clever Tactic to Avoid Paying $4,100,000 Worth of Tax to the British Government in 2017

While there is only one Formula 1 driver who can call himself a Monegasque, a lot of them actually are residents of the French Principality. It is because the place is a Tax Haven. If the statistics are to be believed, Monaco hasn’t levied income tax on its residents since 1869. So you see, the drivers see this as a good way to save themselves from paying extra bucks. However, did you know that Lewis Hamilton went a step ahead to ‘manage’ taxes?

Hamilton is one of the richest competing athletes and the man is worth $285 Million. However, even a man with that amount of net worth needed intelligent tax planning, which was exposed in 2017 via Paradise Paper leaks. The then four-time world champion became a centerpiece of the revelation, which involved his fantasy and dream of becoming an owner of a flying beast. He had bought a Bombardier CL605 Challenger and imported it offshore. All to save a few million.

According to a report by The Sun, the said tactic dates back to 2013, when Lewis Hamilton wanted to become an owner of a private jet. He resorted to a clever way to save those green bills and yet have his own plane. The man set up offshore companies registered in the British Virgin Islands, Guernsey, and the Isle of Man and bought his expensive jet plane. Through that company, he leased it to himself as a “business user”. This whole tax avoidance and planning allowed him to save $4.1 million.

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While the man was clever enough to save himself those bucks, now a 38-year-old, he is still being touted to have a trick or two up his sleeve.

What is up with Lewis Hamilton becoming the quiet spectator in interviews?

For the first time in many years, Lewis Hamilton has a teammate who seems capable of beating him. But does that signify that it is over for Lewis? Tom Clarkson of F1 Nation Podcast believes that the Mercedes champ has a secret ace up his sleeve. And Damon Hill agrees.

Clarkson believes the sense of security that Hamilton is giving Russell may be misleading. As quoted by F1 Maximaal, he said, “With every question asked of Mercedes after qualifying, Hamilton loved to let Russell speak. Russell kind of became the spokesperson for the conversation and it was interesting to see Hamilton just kind of lounge around and allow it.”

And then the podcaster revealed what Hamilton perhaps is actually doing by being quiet before he makes a comeback. He said, “I don’t know if it was a strategy, if he wanted to give Russell more confidence so he doesn’t see it coming if Hamilton suddenly strikes in the future, or if it was subconscious”

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Do you think Lewis Hamilton can make a go for his eighth title any time soon?