Cembra and Vontobel leave Zurich: taxes and space drive the move (cross-border guide)

Context

In brief

• Cembra will transfer 660 employees to Baden in the autumn of next year.
• Vontobel will move its headquarters and 1’500 employees to Baar by 2030.
• Corporate taxation in Baden is 15%.
• In Zurich it is almost 20%; in Baar it falls to 12%.

• Cembra → 660 employees in Baden, canton Aargau
• Cembra relocation → autumn of next year
• Vontobel → headquarters and 1’500 employees to Baar by 2030
• Taxation in Baden and Zurich → 15% and almost 20%
• Taxation in Baar → 12%

Two announcements close together

The 12.30 news bulletin of 25 settembre 2026 opens with two relocations that are sparking debate in Zurich’s financial center. Following the announcement by Vontobel, a private bank that will move its headquarters to the canton of Zug, news arrived on Thursday of Cembra: the company will instead move its headquarters to Aargau. These are two departures within a few weeks, and in Zurich many see them as a warning sign.

Cembra will move to Baden with its 660 employees in the autumn of next year. The distance from its current headquarters remains short: Baden is fifteen minutes away by train. The official justification does not mention taxes. The company cites infrastructure and modern offices, as well as the possibility of growing in a location that remains central. The report notes that there is no mention of tax savings.

The savings, however, emerge from the comparison reported in the news bulletin. Corporate taxation in Baden is 15%, whereas in Zurich it is almost 20%. Based on the 2025 financial statements, for Cembra the difference amounts to 10 million francs less to pay. This is the figure that makes the tax issue concrete, even though the company publicly presents other reasons for its choice.

The calculation is even more apparent for Vontobel. By 2030 the bank will move its headquarters and 1’500 employees to Baar, in the canton of Zug, where taxation falls to 12%. On the news bulletin, Christian Bretscher, director of the Association of Zurich Bankers, downplays the idea of a problem for the financial center:

«Not from the point of view of the financial center,» Christian Bretscher, director of the Association of Zurich Bankers, tells RSI’s news bulletin.

In his view, the two banks want to invest in Zurich’s financial center, which for some time has no longer coincided solely with the boundaries of the city or canton.

The political reading is different. The SVP and FDP are calling for a political response and more favorable conditions for businesses. Bretscher agrees that there are two pressures: higher taxation than in neighboring cantons and the availability of space and offices. According to the Association of Bankers, these are the signals to which Zurich must pay attention.

Operational details

The tax comparison does not automatically concern the individual resident

Separating corporate taxes and personal circumstances

The first clarification concerns the party involved. The article discusses company locations, employees and taxation for businesses; it does not announce a new rule for taxpayers. For those who live or work in Switzerland, therefore, the move should not be presented as a change to AVS/AHV, LPP/BVG, LAMal/KVG, the minimum wage or the cost of living: the source does not describe changes in any of these areas.

The Swiss tax framework also requires distinguishing three levels: direct federal tax, cantonal tax and municipal tax. Each Canton has its own law and its own multiplier; municipalities apply a multiplier to the cantonal tax. The percentages mentioned for Baden, Zurich and Baar are therefore a territorial comparison of corporate taxation, not figures to be automatically applied to an individual's tax return. The article does not break down those figures across the three levels or provide a municipal multiplier.

To get one’s bearings regarding the personal aspect, calcolatore stipendio e imposte may be useful for examining one’s income, but it does not authorize using corporate tax rates as though they were individual rates.

The second practical point concerns competition among Cantons. The source places tax pressure and the availability of space and offices side by side: a more affordable location is not described merely as an accounting choice. The distinction between the official rationale and the calculated savings must be maintained when assessing the news. In Cembra’s case, the article in fact pairs infrastructure, modern offices, room for growth and a central location with the comparison of taxes.

On the political level, UDC and PLR are calling for more favorable conditions for businesses, while the bankers’ association points to taxation and space as concrete problems. No political decision is announced. The two departures are therefore a signal to monitor for Zurich’s business center, not a new rule for families and workers.

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Key points

From the news to verification

Four checks before drawing conclusions

Anyone who needs to use this data to guide a decision can follow a simple sequence. The first rule is to establish whether one is analyzing a company, the location of its headquarters, or an individual's personal tax situation: the service does not place these aspects on the same level.

1. Separate the subject. For a company, note the canton and the location of its headquarters; for an employee, keep their own situation separate from that of their employer. The tax rates reported by the service are presented for companies and should not automatically be used for individual income.

2. Divide the comparison into two columns. The first should contain the tax conditions indicated by the service; the second, the operational elements: infrastructure, modern offices, growth opportunities, and central location. This avoids reducing every relocation to a single percentage, when the official rationale also includes space and organizational factors.

3. Identify the correct contact. In the general framework, AFC/ESTV manages direct federal tax and VAT, while the cantonal administrations handle the cantonal and municipal parts. Each Canton has its own law and multiplier. However, the source does not indicate a form, procedure, or administrative deadline for headquarters relocations: steps that the service does not provide must not be added.

4. Check the dates without anticipating the effects. Cembra indicates the autumn of next year; Vontobel sets the relocation for no later than 2030. The text quantifies the employees involved, but does not mention layoffs, salaries, contracts, or changes in benefits. For those working at the two banks, the prudent approach is to follow company communications and not turn the relocation of the headquarters into an already-decided employment outcome.

This framework also makes it possible to use personal tools correctly: dichiarazione delle imposte is for the taxpayer's situation, not to certify a company's tax rate. To compare your own income and tax burden, use calcolatore stipendio e imposte.

Source: rsi.ch