Zug is a city in Switzerland with the population of almost 30,000 people and the capital of the eponymous canton - the smallest in the country. It is located at the distance of only 22km from Zurich. Zug is an innovative city and has very low taxes (8.5 -15 % of the profit). For instance, in 2016, it started accepting the digital currency as payment for government services. It also has a business-friendly environment and excellent infrastructure. It is not surprising that many companies set up their offices in Zug - over 27,000 are officially registered, which is almost the same as the number of residents. Many businesses work in the cryptocurrency sphere, e.g. Bitcoin Suisse, Ethereum and ShapeShift. Therefore, Zug obtained the title of Crypto Valley. The economy of Zug is based on trade (metals, natural gas, grain, diamonds, and 3 % of the world’s petrol), biotechnology, medicine, pharmaceuticals, IT and service sector. The world’s largest commodity trading firm – Glencore -is also headquartered here.
The government of Zug introduced tax incentives in 1946. And since that time, many world-class companies, as well as millionaires, have settled here. For instance, Siemens Building Technologies and Johnson & Johnson are among the largest employers in the city. According to the 2035 urban development plan, local government will make even more efforts and reforms to improve Zug’s status as a real magnet for start-ups and venture capitalists.
Residential property prices are very high in the city, especially around Zug Lake. Interestingly, there are not so many dedicated office complexes here, most business premises for rent are in low-rise buildings over shops and restaurants. The Zug business district is compact and located to the north of the old town next to the railway station.
Despite its small size, the city has many interesting things to see. For instance, its Old Town with the tallest Zyttrum tower. The city has a few famous old buildings, e.g., St Oswald church, Capuchin convent, and St Michael church. There are 3 museums in the city: the Museum of Prehistory, the Zug Art Gallery and the Museum of Cultural History. Zug also boasts nature attractions such as the picturesque Lake Zug, the shore of which the city’s favorite promenade. Baar Caves in Lorzenbel valley also attract locals and tourists.
Zug hosts several festivals such as Carnival, Zug lake Festival, and Christmas market. The city is also well-known for its many bakeries, which offer visitors local delicacy - Kirschtorte (cherry cake).