The canton's vulnerabilities

The canton's vulnerabilities are equally clear. Its economy depends heavily on a small number of large companies, whose decisions can change its tax revenues and employment within a few years. Its most prominent sector, commodity trading, is highly mobile and politically exposed. Its territory is small, with growth constrained by space, housing and infrastructure. Its international community is separated from its political community by language and citizenship. Its model depends on federal and international frameworks that it cannot control, from fiscal equalisation to the minimum tax and the relationship with the European Union.

These vulnerabilities mean that the canton's model requires constant attention. A canton that recognises its vulnerabilities and addresses them through diversification, investment, integration and cooperation is more resilient than one that relies on its past success. The history of Zug suggests that its leaders have generally understood this. The coming decade will test whether they continue to do so.

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 September 2025.

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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.

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