The scenarios and the sectors of Zug

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The four scenarios affect the sectors of Zug differently. The commodity traders, the most mobile sector and the most exposed to geopolitics, prosper in the fortress but suffer in the squeeze and the retreat. The holding companies and multinational headquarters, which are sensitive to taxes and to access to talent and markets, prosper in the adaptive hub and suffer in the retreat and the squeeze. The life sciences and technology companies are the least mobile and the most dependent on talent, research and market access. The adaptive hub favours them, while the retreat hurts them most. The crypto industry, mobile and dependent on regulatory clarity, can adapt to several scenarios but would disperse in the retreat and the squeeze. The wealth management sector, with its wealthy residents, is sensitive to taxes on wealth and inheritance and to the political climate.

This differentiated picture suggests that the canton's resilience depends on the diversity of its economy. A canton that relied on a single sector would be exposed to the scenario that is worst for that sector. A canton with several strong sectors can absorb the decline of one while others continue to grow. Zug's economy has become more diversified over the decades, from holding companies to commodity traders, multinational headquarters, life sciences, technology and crypto-assets and Digital Assets. This diversification is its best protection against an uncertain future.

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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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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The scenarios and the sectors of Zug

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