In search of a haven from conflict in the Gulf, Dubai’s expatriates are homing in on Zug – a picturesque Swiss canton of just 135,000 people better known for commodity traders and cryptocurrency firms. The influx includes wealthy individuals, family offices and companies, according to Heinz Tännler, Zug’s finance director, who said interest had picked up following the outbreak of the Israel-US war against Iran. “We are seeing increased inquiries,” he said. “Of course, we regret the circumstances – but the reality is Zug is benefiting.” Wealth managers and bankers say clients based in Dubai, many of them working in commodities and finance, are looking for a stable European base. “Everyone knows Zug, even if they haven’t been there,” 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. “The first request from clients is almost always Zug.” For many traders and entrepreneurs in ...
