Banking and financial services in Zug

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Zug has a well-developed financial services sector, ranging from banks and asset managers to family offices serving wealthy families. Financial market regulation in Switzerland is federal, so the same rules apply in Zug as in Zurich or Geneva. For international clients, the practical question is usually how to open and maintain banking relationships.

The financial services landscape

Alongside the large Swiss banking groups, which are present in Zug, the canton hosts regional and private banks, independent asset managers, trust companies and family offices. Many of them serve internationally active entrepreneurs and the companies based in the canton, including commodity traders and holding companies. Zurich, as Switzerland's largest financial centre, is close by, and many clients maintain relationships in both places.

Federal supervision by FINMA

Banks, securities firms, fund management companies and insurers in Switzerland are supervised by the Swiss Financial Market Supervisory Authority FINMA, a federal authority. Since the Financial Institutions Act and the Financial Services Act entered into force in 2020, independent asset managers and trustees also require authorisation from FINMA and are subject to ongoing supervision by a supervisory organisation. The canton has no separate financial market supervision of its own, so the location within Switzerland does not change the regulatory requirements.

Family offices

A single family office that manages only the assets of one family is generally not subject to authorisation as an asset manager, although the delimitation depends on the specific circumstances, such as the number of family members served and the relationships between them. A multi-family office that manages assets for several unrelated families will usually require authorisation. Families who intend to set up their own office in Zug should therefore clarify the regulatory position before engaging staff or providing services.

Opening accounts

Swiss banks apply strict know-your-customer and anti-money laundering standards. Clients from Asia, the Middle East, Africa and Latin America should expect detailed questions about their background, the source of wealth, the origin of the funds to be deposited and the purpose of the relationship. Clear documentation, consistent explanations and a recognised tax position in the country of residence make onboarding considerably easier. Banks also take into account sanctions exposure and political connections, which may lead to enhanced due diligence.

What pays off in practice

Prepare a source of wealth report. A coherent account of how wealth was built saves weeks in onboarding.
Clarify the family office status. The licensing question should be answered before the office starts its work.
Diversify banking relationships. A second bank provides continuity if one relationship ends.

How Ressos Legal helps

I advise international families and companies on bank onboarding, family office structures and the regulatory framework for financial services in Switzerland. Contact me for a first conversation.

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 October 2026.

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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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