Danilo · Updated 2026-09-24 · Sources: sda via Radio Central, 24 September 2026; cash.ch and Moneycab, 24 September 2026; ESTV tax calculator 2026 (income and legal-entity taxes); SBB fares; Ordinance on minimum taxation of large business groups (SR 642.161)
Cembra moves from Zürich to Baden – a big saving for the company, not for its staff
On 24 September 2026 the consumer-credit bank Cembra announced that its headquarters will move from Zürich Altstetten to the Konnex complex in Baden Nord, in the canton of Aargau. The move is planned for autumn 2027. Cembra pointed to a modern, energy-efficient building, a central location and what it called "excellent" public-transport links. According to cash.ch and Moneycab, all of the roughly 660 people at the Zürich head office will move, with no job cuts. The announcement said nothing about tax.
It's only the second bank headquarters to leave Zürich in a short time, after Vontobel announced its move to Baar a few weeks earlier. But the two cases differ in one important way: for Cembra's staff, the tax question barely comes up.
What the company saves
We don't know the profit of the Swiss entity, so we price an illustrative company limited by shares (AG) with CHF 1 million of profit before tax and CHF 10 million of equity, using the federal tax administration's (ESTV) calculator for 2026.
| Location | Profit tax | Capital tax | Total per year | Profit tax as share of profit |
|---|---|---|---|---|
| Zürich | CHF 191'522 | CHF 16'453 | CHF 207'975 | 19.2% |
| Baden | CHF 147'085 | CHF 0 | CHF 147'085 | 14.7% |
On these figures the company pays CHF 60'890 less a year in Baden per CHF 1 million of profit. Wettingen, next door, comes out exactly the same (CHF 147'085): in Aargau the municipality makes no difference to a company's bill in this calculation. With these inputs the calculator shows no separate capital tax for Baden.
Two caveats:
- The OECD minimum tax. Since 2024, groups with at least EUR 750 million in annual
revenue pay a Swiss top-up so their effective rate reaches 15% (Ordinance on minimum taxation, SR 642.161). The calculator ignores this. Whether it applies depends on the group's revenue, which is outside what this guide can check.
- Church tax. The calculator shows no church tax on companies in Zürich, although
Zürich levies one. The Zürich figure is therefore slightly too low.
Staff who keep their Zürich home
From Zürich Altstetten to Baden, a monthly second-class pass comes to about CHF 250 in Zügle's fare tables, or CHF 3'000 a year. Check SBB for the real price. For many people this is the whole story: the office moves, the flat stays, and the question is whether the employer covers the pass.
Staff who move closer to Baden
This is where the case gets interesting. One example household, single on CHF 130'000 a year with no church tax (an example, not Cembra pay data):
| Municipality | Income tax 2026 | Difference to Zürich |
|---|---|---|
| Zürich | CHF 18'647 | — |
| Baden | CHF 18'473 | CHF −174 |
| Wettingen | CHF 18'941 | CHF +294 |
Moving house barely changes the tax bill. Baden is CHF 174 a year cheaper, Wettingen CHF 294 dearer. Both are within the band Zügle shows in amber, meaning "about the same". A calculator that only ever reports savings has nothing useful to say here. The honest answer is that tax isn't the reason to move.
When moving pays off
The real saving is the train pass. Compare staying in Zürich and commuting with moving close enough to walk or cycle to the new office. Rent is left out on purpose.
- Baden: CHF 174 less tax + CHF 3'000 no longer spent on the pass = **CHF 3'174 a
year. Moving pays off as long as the Baden flat costs no more than about CHF 265 a month more** than today's (CHF 3'174 ÷ 12 = CHF 264.50).
- Wettingen: CHF 3'000 − CHF 294 = CHF 2'706 a year, so up to about **CHF 226 a
month more** (CHF 2'706 ÷ 12 = CHF 225.50).
That's a narrow margin. For most people rent and daily life will decide, not tax.
What these numbers leave out
- The company figures describe an illustrative AG, not Cembra.
- The household figures are for tax year 2026, one income and no church tax.
- A pass inside the city of Baden or a bike isn't priced. Neither is travel time.
- Nothing here is tax advice. Have a Swiss tax adviser review any decision.
Try it with your own numbers
Compare your Zürich home with a real flat near Baden: try it with your own numbers. Relocation advisers can run the same comparison per employee in the agency workspace.