The talent market

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The crypto industry of Zug depends on international talent. Developers, cryptographers, product managers, lawyers and compliance officers with experience in the field are scarce everywhere, so that companies in Zug compete for them with companies in Berlin, London, Lisbon, Singapore and Dubai. Switzerland offers high salaries and a high quality of life, but its immigration rules for nationals of countries outside the European Union and the European Free Trade Association are restrictive. Work permits for such nationals are subject to annual quotas and to the priority of domestic and European workers.¹ Industry representatives have repeatedly called for easier access to permits for specialists.

Many crypto companies have responded by working remotely. Their developers live in other countries while the foundation or the company has its seat in Zug and employs a small team there. That model is efficient, but it raises questions of substance for tax purposes and of where the effective management of the entity lies. Chapter III returns to those questions. It also means that the number of companies registered in the canton overstates the number of people who work in the industry locally. Estimates of employment in the Swiss blockchain industry vary widely.²

Notes

Foreign Nationals and Integration Act (AIG), Art. 20 para. 1 (the Federal Council may limit the number of initial short-term and residence permits for gainful employment and sets maximum numbers for the Confederation and the cantons) and Art. 21 (priority of domestic workers), text as reproduced on swissrights.ch. The annual setting of the quotas by ordinance is not separately cited here. ↩
Moneycab, "Crypto Valley in der Schweiz und Liechtenstein zählt 842 Unternehmen", 23 January 2020, moneycab.com: CV VC counted more than 4,400 employees in the Swiss and Liechtenstein blockchain industry at the end of 2019. CV VC, press release of 17 January 2022, cvvc.com: employment dipped by 4 per cent in the period covered. Both figures are industry estimates. ↩

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 talent market

Notes

Setting up or expanding in Switzerland?