From the fiduciary company to the regulated profession

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The fiduciary sector of Lugano became the institutional memory of the lira economy. Many of the firms founded in the 1950s and 1960s continued into the 1990s and 2000s, when Italian tax amnesties led clients to repatriate or declare their assets (Chapter E.II). The Canton of Ticino later subjected fiduciaries to a licensing regime of its own through the law on the exercise of the fiduciary professions of 18 June 1984, in force since 1 January 1985, which created a cantonal supervisory authority and requirements of qualification, reputation and insurance. The Grand Council replaced it with a new law of 1 December 2009, which, after a constitutional complaint had been dismissed by the Federal Supreme Court in November 2011, entered into force on 1 July 2012.¹ Since 2020 the federal Financial Institutions Act has subjected independent asset managers and trustees to authorization by the Swiss Financial Market Supervisory Authority (FINMA) and supervision by supervisory organizations, while the cantonal law continues to govern the other fiduciary activities (Chapter E.III).² The density of independent asset managers and fiduciaries in Lugano today has its origin in the decades described here.

For the practitioner. Legacy structures from the period of the lira economy still surface in estates, family disputes and tax regularizations. Points to check:

Whether a Swiss, Liechtenstein or Panamanian company founded before 1990 still exists, who its directors are and whether its register entries, statutes and share certificates are complete.
Whether bearer shares of a Swiss company have been converted into registered shares as required since 2019, failing which they may have become void.
Whether a fiduciary agreement or power of attorney from the period identifies the beneficial owner, and whether that owner's heirs can prove their title.
Whether the assets were declared in Italy under one of the amnesties or the voluntary disclosure procedure, or remain undeclared.
Whether the bank still holds the relationship or has transferred dormant assets to the central reporting procedure of the Swiss Banking Ombudsman.

Notes

Gran Consiglio della Repubblica e Cantone Ticino, Commissione Costituzione e leggi, Rapporto No. 7753 R of 5 October 2021, https://www4.ti.ch/fileadmin/POTERI/GC/allegati/rapporti/25092_7753%20R.pdf ("Il 18 giugno 1984 venne approvata la nuova Legge cantonale sull'esercizio delle professioni di fiduciario (LFid), entrata in vigore il 1° gennaio 1985"; approval of messages 5896 and 5896A on 1 December 2009, dismissal of the complaint by the Federal Supreme Court on 24 November 2011, entry into force on 1 July 2012); LFid of 1 December 2009, Art. 30 (repeal of the law of 18 June 1984), text on LexFind, https://www.lexfind.ch/tolv/103359/it. ↩
Federal Act on Financial Institutions of 15 June 2018 (Financial Institutions Act, FinIA), SR 954.1, Arts. 17–21 (portfolio managers and trustees; Art. 17 paras. 1 and 2 define both), in force since 1 January 2020 (Art. 75 and Ordinance of 6 November 2019), English text at https://www.droit-bilingue.ch/de-en/9/95/954.1-17-20.html and https://www.droit-bilingue.ch/de-en/9/95/954.1-75-79.html. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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From the fiduciary company to the regulated profession

Notes

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