In 2025, over 250 companies left the canton of Zurich due to tax reasons, highlighting a growing challenge for the region’s business hub. Among the departures are major financial institutions like Vontobel and Cembra, which have announced plans to move their headquarters out of the city to lower-tax areas such as Baar and Baden.
Vontobel and Cembra Shift Headquarters Out of Zurich
The traditional bank Vontobel is moving its headquarters to the tax-favorable municipality of Baar in the canton of Zug. A brand-new campus is scheduled for completion there by 2030, where 1,500 employees will work instead of in Zurich. Out of Vontobel’s seven current locations, only the central site at Bleicherweg will remain, which the bank is modernizing into a customer branch employing about 300 staff.
Cembra is similarly relocating its headquarters from Zurich-Altstetten to Baden in the canton of Aargau, with the move planned for autumn 2027. Out of Cembra’s 800 employees in Switzerland, 660 will operate from the Aargau location rather than Zurich. These departures have prompted political reactions, with the FDP raising critical questions to the Zurich government council regarding the future of the local business environment.
Did You Know? Vontobel’s remaining central site at Bleicherweg will be transformed into a modern customer branch that will house approximately 300 staff members after the main headquarters moves to Baar by 2030.
Immobilien-Experte Warnt Vor Weiteren Abgängen
Daniel Stocker, real estate expert at Jones Lang LaSalle, warns that these relocations are part of a broader trend affecting Zurich’s economic standing. In an interview with the NZZ, Stocker stated, “I assume there will be further departures.” While he avoids calling the situation a full crisis, he notes that many corporate properties require renovation while restrictive regulations hinder genuine modernization.
Stocker points to cheaper rents, lower corporate taxes, and more aggressive business promotion as key drivers behind companies moving to municipalities like Zug and Luzern. He also highlighted political hurdles, noting that statements from Zurich politicians suggesting they do not need to chase after bankers do not project business friendliness. The real estate market faces an acute shortage of new office pipelines compared to pre-pandemic years.
Expert Insight: The ongoing departures highlight a broader commercial real estate shift toward higher-quality, transit-accessible office spaces.
Firms flee Zurich for lower taxes and cheaper rents
Why are companies leaving Zurich for other cantons?
Companies are moving to locations like Zug and Baden due to lower corporate taxes, cheaper rents, and a more active approach to business promotion by local authorities. In 2025 alone, over 250 firms left the canton of Zurich.
Where are Vontobel and Cembra relocating their headquarters?
Vontobel is moving its headquarters to Baar in the canton of Zug, where a new campus is planned for 2030, while Cembra is transferring its headquarters from Zurich-Altstetten to Baden in the canton of Aargau by autumn 2027.
How many jobs are moving away from Zurich as a result of these relocations?
The relocations involve 1,500 jobs from Vontobel moving to Baar and 660 jobs from Cembra moving to Baden, totaling 2,160 positions leaving the Zurich financial center.
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