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>"Switzerland does not 'embrace' digital currencies per se. We (or rather: our politicians and ecosystem shovel-sellers) are looking desperately for a new focus

>"Switzerland does not 'embrace' digital currencies per se. We (or rather: our politicians and ecosystem shovel-sellers) are looking desperately for a new focus area after having lost most of the historical wealth management appeal and since some of the early crypto companies settled here they kind of ran with it." I'm guessing you are referring to the end of Swiss banking secrecy here? [1] I agree that this seems like a very successful marketing juggernaut so far with Zug. Do you or anyone else know why Ethereum ended up being based in Zug? Is Zug that much cheaper than Zurich which is only 30 minutes or so by train? [1] https://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134 https://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-...

louisswiss 9y ago
Yes, Zug is very advantageous for tax reasons.
- saiya-jin 9y ago
  Which makes it ridiculously expensive to live, since everybody for whom the place is really beneficial (= super wealthy) moved there, so cost of properties went up. It's definitely a more expensive place to live than Zurich generally, apart from maybe center-center which is anyway not a good&practical place to live
- bogomipz 9y ago
  Interesting, tax rates in Switzerland are on a canton by canton basis correct? I have also heard that the reason for Zug's favorable tax rates is because it was once one of the poorer cantons comparatively speaking. I have also heard that Zurich is quite favorable as well which is interesting because its also quite expensive.
  - louisswiss 9y ago
    > Interesting, tax rates in Switzerland are on a canton by canton basis correct? Broadly speaking, yes. > I have also heard that the reason for Zug's favorable tax rates is because it was once one of the poorer cantons comparatively speaking. I don't know. Sorry! > I have also heard that Zurich is quite favorable as well which is interesting because its also quite expensive. I'm not sure - depends on whether you mean taxes for companies or private individuals. Also, certain tax brackets vary in the canton (almost village to village). Finally, it depends on your (or your company's) tax goals. Someone earning $30k/year will probably be better off in a Gemeinde/Canton which wouldn't be optimal at $300k/year.
hocuspocus 9y ago
Aside from low taxes, Zug is also home to Glencore and a lot of commodity trading shops. These skills translate extremely well to cryptocurrency trading.
- bogomipz 9y ago
  Ah yes, Glencore - Marc Rich, the FBI's most wanted, the Mossad, Oil embargoes, dictators, a U.S Presidential pardon ... For anyone not familiar with the story of Marc Rich and what became Glencore, it's pretty fascinating. It definitely helped put Zug on the map long before crypto-currencies. I had actually forgotten about all this. See: https://sites.utexas.edu/culturescontexts/2013/06/30/marc-rich-and-switzerland-an-uneasy-relationship/ https://sites.utexas.edu/culturescontexts/2013/06/30/marc-ri... and https://www.economist.com/news/obituary/21580438-marc-rich-king-commodities-died-june-26th-aged-78-marc-rich https://www.economist.com/news/obituary/21580438-marc-rich-k...

louisswiss 9y ago

Yes, Zug is very advantageous for tax reasons.

saiya-jin 9y ago
Which makes it ridiculously expensive to live, since everybody for whom the place is really beneficial (= super wealthy) moved there, so cost of properties went up. It's definitely a more expensive place to live than Zurich generally, apart from maybe center-center which is anyway not a good&practical place to live
bogomipz 9y ago
Interesting, tax rates in Switzerland are on a canton by canton basis correct? I have also heard that the reason for Zug's favorable tax rates is because it was once one of the poorer cantons comparatively speaking. I have also heard that Zurich is quite favorable as well which is interesting because its also quite expensive.
- louisswiss 9y ago
  > Interesting, tax rates in Switzerland are on a canton by canton basis correct? Broadly speaking, yes. > I have also heard that the reason for Zug's favorable tax rates is because it was once one of the poorer cantons comparatively speaking. I don't know. Sorry! > I have also heard that Zurich is quite favorable as well which is interesting because its also quite expensive. I'm not sure - depends on whether you mean taxes for companies or private individuals. Also, certain tax brackets vary in the canton (almost village to village). Finally, it depends on your (or your company's) tax goals. Someone earning $30k/year will probably be better off in a Gemeinde/Canton which wouldn't be optimal at $300k/year.

hocuspocus 9y ago

Aside from low taxes, Zug is also home to Glencore and a lot of commodity trading shops. These skills translate extremely well to cryptocurrency trading.

bogomipz 9y ago
Ah yes, Glencore - Marc Rich, the FBI's most wanted, the Mossad, Oil embargoes, dictators, a U.S Presidential pardon ... For anyone not familiar with the story of Marc Rich and what became Glencore, it's pretty fascinating. It definitely helped put Zug on the map long before crypto-currencies. I had actually forgotten about all this. See: https://sites.utexas.edu/culturescontexts/2013/06/30/marc-rich-and-switzerland-an-uneasy-relationship/ https://sites.utexas.edu/culturescontexts/2013/06/30/marc-ri... and https://www.economist.com/news/obituary/21580438-marc-rich-king-commodities-died-june-26th-aged-78-marc-rich https://www.economist.com/news/obituary/21580438-marc-rich-k...