{"id":48565,"date":"2026-04-14T11:26:34","date_gmt":"2026-04-14T11:26:34","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/48565\/"},"modified":"2026-04-14T11:26:34","modified_gmt":"2026-04-14T11:26:34","slug":"switzerlands-zug-becomes-bolt-hole-for-gulf-based-wealth","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/48565\/","title":{"rendered":"Switzerland\u2019s Zug becomes bolt-hole for Gulf-based wealth"},"content":{"rendered":"

\"Zug\"<\/p>\n

This small canton, with a population of around 135,000, is best known as a hub for commodities trading and the cryptocurrency industry. <\/p>\n

Keystone \/ Urs Flueeler <\/p>\n

In search of a haven from conflict in the Gulf, Dubai\u2019s expatriates are homing in on Zug \u2013 a picturesque Swiss canton of just 135,000 people better known for commodity traders and cryptocurrency firms.\n<\/p>\n

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April 12, 2026 – 11:41\n<\/p>\n

The influx includes wealthy individuals, family offices and companies, according to Heinz T\u00e4nnler, Zug\u2019s finance director, who said interest had picked up following the outbreak of the Israel-US war against Iran. \u201cWe are seeing increased inquiries,\u201d he said. \u201cOf course, we regret the circumstances \u2013 but the reality is Zug is benefiting.\u201d<\/p>\n

Wealth managers and bankers say clients based in Dubai, many of them working in commodities and finance, are looking for a stable European base.<\/p>\n

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\u201cEveryone knows Zug, even if they haven\u2019t been there,\u201d said Pierre Gabris, the founder and chief executive of Swiss wealth manager Alpen Partners, which has helped a number of clients relocate from the Middle East. \u201cThe first request from clients is almost always Zug.\u201d\u00a0<\/p>\n

For many traders and entrepreneurs in particular, who are familiar with Switzerland\u2019s role in global commodities markets, the canton\u2019s reputation precedes it, said Gabris, adding that Alpen is looking at opening an office in Zug given the growth in the market.<\/p>\n

One Swiss-based private banker whose bank has a Zug office said the number of CVs from relationship managers at US banks landing on his desk had \u201cquadrupled\u201d since the war began. Another described attending an open house for a two-bedroom rental apartment in Zug last weekend: \u201cThe queue was around the block \u2013 the person behind me had flown in from Dubai that morning.\u201d<\/p>\n

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\"A<\/p>\n

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Foreign Affairs\n <\/p>\n

Swiss banks prepare for Gulf clients <\/p>\n

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Mar 31, 2026 <\/p>\n

The war in Iran has had unexpected consequences, such as renewed interest in Switzerland as a financial centre. <\/p>\n

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Read more: Swiss banks prepare for Gulf clients
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For many would-be arrivals, however, Switzerland\u2019s appeal comes with practical constraints. While EU citizens can move relatively freely under bilateral agreements, securing accommodation \u2013 particularly in Zug, which is just south of Zurich \u2013 has become the main bottleneck. Rental supply is extremely limited, with properties often snapped up within days and competition intense.<\/p>\n

Non-EU nationals face a higher bar. Residency is typically tied to employment, company formation or, for the very wealthy, negotiated lump-sum taxation agreements with cantonal authorities. These arrangements, available in several cantons, allow individuals to pay a flat annual tax based on living expenses rather than global income \u2013 but they require advance approval and do not guarantee access to the most in-demand locations.<\/p>\n

\u201cYou can\u2019t just simply show up, even if you have a European passport. It takes time and you need a work contract or to establish a company,\u201d said Anja Beck, managing partner at an Engel & V\u00f6lkers real estate office in Zug.\u00a0<\/p>\n

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\"buildings\"<\/p>\n

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Swiss Abroad Community\n <\/p>\n

Swiss entrepreneurs are staying put in Dubai <\/p>\n

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Apr 11, 2026 <\/p>\n

Despite the conflict in the region and its impact on investments, Swiss entrepreneurs based in Dubai are determined not to leave. <\/p>\n

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Read more: Swiss entrepreneurs are staying put in Dubai
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With availability tightening, other cantons with flexible tax arrangements are beginning to benefit. Lugano, in southern Switzerland\u2019s Italian-speaking Ticino region, is seeing a rise in enquiries from Dubai-based expatriates, according to local agents.<\/p>\n

\u201cSince the war started, we\u2019ve noticed demand from foreigners living in Dubai \u2013 Italians, French, Swiss, British,\u201d said Simon Incir of Engel & V\u00f6lkers. \u201cNow they are considering moving away [from Dubai].\u201d<\/p>\n

Unlike Zug, Lugano still has capacity. \u201cWe have much more availability \u2013 around 300 properties on the market,\u201d Incir said, adding that foreign residents can negotiate lump-sum tax deals and obtain residency permits relatively quickly.\u00a0<\/p>\n

\u201cThis is just the starting phase. People are asking, scheduling viewings \u2013 we expect more.\u201d<\/p>\n

Copyright The Financial Times Limited 2026<\/p>\n

Articles in this story <\/p>\n","protected":false},"excerpt":{"rendered":"This small canton, with a population of around 135,000, is best known as a hub for commodities trading…\n","protected":false},"author":2,"featured_media":48566,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[101,2009,301,1455,3314,17],"class_list":["post-48565","post","type-post","status-publish","format-standard","has-post-thumbnail","category-switzerland","tag-article","tag-banking","tag-beat-foreign-affairs","tag-finance-general","tag-production-type-external","tag-switzerland"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116402820617515919","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/48565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=48565"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/48565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/48566"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=48565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=48565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=48565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}