$200,000,000 Tax Evasion Controversy, Headlined by Max Verstappen, Triggers Strict Measures From the Dutch Government

Formula 1 drivers are accorded the status and reverence of superstars. Naturally, they tend to act and feel like that too sometimes. With the massive paycheck these drivers are bestowed with, you’d expect them to not worry too much about, let’s say, tax! However, in reality, given their reach, they are able to pull a few strings and live the best life and keep all their hard-earned earnings to themselves. But Max Verstappen has now been publicly called out for this.

What F1 drivers and many millionaires tend to do is relocate to Monaco. That’s the right, the burden of tax in the principality is nil! Verstappen and many other F1 drivers have made Monaco their home. They enjoy the serenity, the views, the luxury, and an added benefit.

Max Verstappen called out for his Monaco lifestyle

Recently, Verstappen was accused of evading tax up to the tune of $200,000,000. That being said, for some, enough is enough. For instance, The Correspondent writer, Rutger Bregman decided to call the 2x champion out on LinkedIn.

He wrote, “Crystal clear proposal from two economists of the Instituut voor Publieke Economie to make top athletes such as Max Verstappen (plus thousands of other athletes, coaches and wealthy Dutch people) also pay their taxes properly.”

“The Netherlands can do exactly the same as the French. Totally fine if people move to Monaco for peace and quiet (like Max Verstappen), the mountains (like cyclist Wout Poels) or the sporting community (like F1 driver Nyck de Vries). All that is allowed, as long as you continue to pay your taxes properly. So do the teachers, nurses, doctors, garbage collectors, etc. of the country you grew up in.”

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It’s also a fact that living in Monaco can be steep in the pocket. However, what exactly are the benefits?

Verstappen and Co. reap the benefits of Monaco

Monaco has been home to F1 drivers for over 4 decades now. But living in the principality isn’t cheap. Well, in any way it doesn’t matter to drivers who earn in excess of what they can even spend. But living in Monaco also comes with a lot of perks.

According to American analyst Joe Pompliano, “Monaco has no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax.” Further, “Government requiring written permission for all professional photography, there are also fewer paparazzi.”

“And, of course, it doesn’t hurt that Monaco’s weather is incredible, and the views are equally spectacular.”

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Do you think F1 drivers like Verstappen should be forced to pay taxes in their home countries?