TENNIS STARS AND TAX HAVEN

Like many other sports, tennis also has its top stars seeking tax haven to get favourable tax conditions.

Common places like Dubai, Switzerland and Monte Carlo are set as residences of the stars because of their tax free statuses.

Reports online show the players setting their residences in countries different from the native ones in order to manage their tax liabilities. Novak Djokovic, GrigorDimitrov, Alexander Zverev, Caroline Wozniacki, Karolina Pliskova, Marin Cilic and many others chose Monte Carlo as their place of residence to tap into the tax incentives.

Others like Lucas Pouille, Svetlana Kuznetsova, Richard Gasqet, BornaCoric and even World No. 1 GarbineMuguruza chose Switzerland as their place of abode.

The place of residence is weighs highly on the earnings of the players hence the decisions to always move out. World No. 1 in the ATP Rafael Nadal for example pays up to 56% tax as he is based in his hometown Mallorca. He popularly alleged that he would have earned double if he lived elsewhere but that because of his friends and family, he could not. His decision is different and impressive in this modern age. It is courageous even to pay out half as he seeks to always remain close to home.

Muguruza on the other hand and like many other stars reportedly ‘lives’ in Geneva. She was born in Venezuela but she moved to Spain as a little girl but sets her residence to Switzerland.

According to Spanish tax laws; she has to live 180 days outside Spain per year due to her Switzerland residence move. Many Spanish athletes make the move to manage their finance and obligations in whatever way they deem fit.