Danilo · Updated 2026-09-24 · Sources: Vontobel press release, 31 August 2026 (vontobel.com); Keystone-SDA, 31 August 2026; ESTV tax calculator 2026 (income and legal-entity taxes); SBB fares; Ordinance on minimum taxation of large business groups (SR 642.161)
Vontobel moves from Zürich to Baar – what it means for the company and its staff
On 31 August 2026 Bank Vontobel announced that its headquarters will leave Zürich. From 2030, more than 1,500 employees who now work across seven Zürich buildings will share a new campus at Lindenpark in Baar, in the canton of Zug. More than 300 client-facing staff stay at Bleicherweg in Zürich.
The bank gave its own reasons: a campus that brings teams together, room to grow and, in its words, "excellent transportation connections". It did not mention tax. Some headlines did ("1,500 bankers must relocate"), but the announcement never says anyone has to move house.
So there are three separate questions here, and they have different answers:
- What does a company save in tax by moving from Zürich to Baar?
- What does it cost an employee to keep their Zürich home and commute?
- What changes for an employee who moves closer to the new office?
1. What the company saves
Nobody outside the bank knows the taxable profit of the Swiss entity that moves, so we don't pretend to. Instead we look at an ordinary Swiss company limited by shares (AG) with CHF 1 million of profit before tax and CHF 10 million of equity. The figures come from 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% |
| Baar | CHF 115'241 | CHF 6'523 | CHF 121'764 | 11.5% |
On these numbers, the same company pays CHF 86'211 less a year in Baar for every CHF 1 million of profit. For comparison, Zug comes to CHF 122'994 and Cham to CHF 124'146, so the choice of municipality within the canton of Zug hardly matters.
Two things make the real figure for a bank of this size different:
- The OECD minimum tax. Since 2024, groups with at least EUR 750 million in annual
revenue pay a Swiss top-up tax, so their effective rate reaches 15% (Ordinance on minimum taxation, SR 642.161). The calculator doesn't include it. For a group in scope, part of the gap between 19.2% and 11.5% is taxed away again.
- Church tax. The calculator adds church tax on companies in Baar but shows none for
Zürich, although Zürich levies one too. The Zürich total above is therefore slightly too low, which makes the gap look slightly smaller than it is.
2. Staff who keep their Zürich home
Most people will probably commute. A monthly second-class pass from Zürich HB to Baar costs CHF 250, or CHF 3'000 a year. That is Zügle's estimate from the national fare tables, not an SBB quote, so check the real price before relying on it.
Whether that is a new cost depends on how someone gets to work today. Anyone who walks or cycles to the Zürich office starts paying it. Anyone who already travels into Zürich by train pays a different fare instead, and the difference may be small. Journey time isn't covered here; the timetable has it.
Zügle can't yet compare "stay and commute" with "move" inside an agency case. That is on the list.
3. Staff who move closer to Baar
Here Zügle does have numbers. We used two example households. They are examples, not Vontobel staff data.
| Household | Zürich | Baar | Zug | Cham |
|---|---|---|---|---|
| Single, CHF 130'000, no church | CHF 18'647 | CHF 9'181 | CHF 9'384 | CHF 9'475 |
| Married, 2 children, CHF 150'000, Catholic | CHF 12'756 | CHF 2'914 | CHF 2'952 | CHF 2'980 |
The single person pays CHF 9'466 less in Baar, and the family CHF 9'842 less.
When moving pays off
Compare staying in Zürich and commuting with moving to Baar and walking to the campus. Rent is left out, because only a real flat's rent says anything useful.
Single, CHF 130'000: CHF 9'466 less tax + CHF 3'000 no longer spent on the pass = CHF 12'466 a year. Moving pays off as long as the Baar flat costs no more than about CHF 1'039 a month more than the Zürich one (CHF 12'466 ÷ 12).
Family, CHF 150'000: CHF 9'842 + CHF 3'000 = CHF 12'842 a year, so the Baar flat can cost up to about CHF 1'070 a month more.
These figures are larger than most people expect. That is exactly why it's worth running the numbers with a real rent before deciding.
What these numbers leave out
- The company figures are for an illustrative AG, not for Vontobel. The real profit, the
structure of the group and the minimum tax all change the result.
- Household figures are for tax year 2026 and the stated incomes. A different income,
confession or number of children changes them.
- Time on the train, school changes and a partner's job don't show up in any of these
figures, and for many people they decide the question.
- None of this is tax advice. Have a Swiss tax adviser review any decision.
Try it with your own numbers
For your own household, enter your income and today's rent, then compare a real flat near Baar: try it with your own numbers. Relocation advisers can run the same comparison per employee in the agency workspace.