Nicola Zanni: “In Zug, if you want and work hard, you get a lot”
The Ferrara entrepreneur, who has headed an established financial firm since 2015, enjoys in Switzerland the paradise on earth denied him by a declining homeland
A newly 40-year-old with an affable and polite manner, a resident of Switzerland for nearly eight years, Nicola Zanni has crowned his dream of living and working as he always wanted to, in the heart of a political and economic ecosystem that, from the outside, he has long admired for its combination of federalism and direct democracy. He is betrayed by a serene gaze, a recurring distinguishing characteristic in the world of those who have made it.
A native of Ferrara, with an important banking background in Milan, in the wake of a degree in economics from “Luigi Bocconi” University, notably with a specialization in financial intermediaries, he found right on the banks of the Zugersee the opportunity to grow an asset management company, and more, that he himself founded in September 2015.
It is NZ Investments GmbH, currently growing in turnover, internationalization capabilities and opportunities. His recent as well as latest destination is Baar, a location with bureaucratic and fiscal atouts capable of impressing even in a context as exceptional in itself as Zug.
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From Ferrara to Zug, via Milan and Lugano: what led you, now six years ago, to move arms and bags to the Swiss Confederation?
“I had been hatching the desire to emigrate to Switzerland for many years. My first trip to Switzerland was dated June 2006, at the age of 26. I was living and working in a bank in Milan. One day I decided to take a trip to Lugano: I immediately fell in love with it. I thought: sooner or later I will come to live here. I remember clearly that day and the wonderful impression Lugano had made on me: the cleanliness, the care, the order, the most vivid colors, the quiet atmosphere combined with that of a small town with an international flavor. Everything in my eyes sparkled. So much so that in the following years we organized no less than three Lugano New Year’s Eve parties. From that time on, I began to frequent Lugano for a wide variety of reasons. Clearly, in 2006 I was still very young and could not think of pursuing a profession in Switzerland. I do remember, however, that I had downloaded a file in the bank where I was working that mentioned its Swiss branch. In 2011 and 2013 came the first job interviews with asset management companies in the Canton of Ticino. In those years I make the final decision to emigrate. Let’s say that, in addition to my unconditional love for Switzerland, I also sensed that an abysmal gap would open up in terms of economic conditions and quality-of-life standards with the Peninsula.”
The Presidency of the Swiss Confederation from 1848 to today
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What exactly does the company of which you are founder and director, NZ Investments, deal with? What services and advice does it offer?
“The company of which I am a founder is primarily involved in the creation of alternative investment vehicles and offshore relocations for SME (small and medium businesses) entrepreneurs. We have a federal financial advisory licence and work as a trader and advisor of investment products (hedge funds, certificates, etc.) created by us or third parties. We cooperate with several banks in Switzerland. We help our professional and institutional clients to open accounts in Switzerland, the Emirates, the UK or the US and, on the basis of a fiduciary mandate, we can track their assets. We are also active in offshore company formation and offshore banking, building structures that enable our investors to effectively relocate to Switzerland and optimise their tax and corporate situation. I can say, without a shadow of a doubt, that our Group is able to assemble structures with a certain degree of complexity. We only target non-EU countries that we consider, for various reasons, more interesting and dynamic than those of old Europe: Switzerland, the U.A.E. Florida, U.K., Caribbean Community, … We work indifferently with individuals and legal entities.
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Would you recommend the Helvetic Confederation to a small or medium-sized enterprise from another country, European or otherwise? And why?
“Absolutely yes, ça va sans dire. First of all because I did it myself several years ago. I like to recommend to others only things that I have already done or that I know very well. Switzerland is consistently on the world podium in terms of business freedom. There are several rankings that are compiled annually, and the Confederation always gains a position on the podium. There is economic freedom and business freedom in every corner in this nation. You can only understand this when you experience it on your own skin and compare it to the ‘fiscal hells’ you came from. Without wishing to open the novel that this topic would deserve, I can very briefly, and certainly not exhaustively, mention the very moderate taxation on corporations (some cantons are in the very top of the world rankings), the low taxation on individuals, and the very low and efficient bureaucracy. Tax competition among cantons-and municipalities-is the beating heart of Swiss federalism. It takes the form of one of the lowest tax burdens in the world and one of the most efficient, accountable and citizen-friendly public administrations. Federalism ensures that citizens are truly one with the state and that the state does not become a hostile, parasitic entity in its own right. Public employees are equated with private employees Cantonal administrators are known and elected by the local people to whom they report directly.”
If it were no longer possible for you to reside where you live now, in which other Swiss canton would you like to live and work? And for what reasons?
“Assuming that for me Zug is the permanent home, that I will never leave here and that I count the days until I can apply for Swiss citizenship, I answer Ticino and Nidwalden. I have lived in Ticino for several years, I know it very well and it is a place of the heart for me. Besides the fact that, touristically speaking, it is the most beautiful canton in Switzerland: it is no coincidence that it is called ‘Sunnestube’ here. I also say Nidwalden, because on the level of entrepreneurial and fiscal conditions it is Zug’s real competitor. Apart from that, it is a wonderful canton: its facing Lake Lucerne sees a series of heavenly locations with a mild microclimate and many beautiful beaches.”
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What are the biggest domestic and international competitors to the Zug ecosystem and what are the biggest challenges?
“Globally, Kanton Zug is a top performer. Very few jurisdictions in the world can be compared with our canton. I am referring to Monaco, the United Arab Emirates, Singapore. Some of these jurisdictions have even lower personal and corporate taxes than Kanton Zug. The problem is that none of these jurisdictions have quality of life, social security and health care standards comparable to those in Switzerland. It is therefore a matter of personal weightings among ‘comparables,’ where there is no first-rater, but a better location based on certain needs. We know very well how and where to direct people and companies.”
If you were in charge of politics in Switzerland tomorrow, what proposals would you like to submit for consideration by the people and the cantons?
“Thank you for the question. This is a goal I would like to achieve someday. I follow Swiss politics a lot. I love the Swiss political and institutional system, after all, I chose Switzerland as my new homeland for that reason too. I love the system of direct democracy, which in my opinion is absolutely the best in the world (and certainly watched, with a mix of anger and envy, by certain international elites…). In my spare time I have come up with several popular initiative ideas that I would like to propose in the future. In my opinion, the Swiss marketplace would become even more attractive if it abolished the federal stamp tax, the estate tax and if it anchored the (already present) banking secrecy in the Constitution. Also, I think the time is ripe to abolish speed limits only on the Autobahns, the highways. It would also be nice, for the preservation of national identity, to recognize Schweizerdeutsch as an official language by hiring a jury of experts to style a common basis for it. Ahead of everything, I believe that the most important legislative change must be one that enshrines that Swiss law must always and in all cases prevail over any supranational organization. Starting with the total rejection of the deleterious framework agreement proposed by a decadent European Union.”
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Do you think the institutions of direct democracy and the federal distribution of powers, peculiar to the Helvetic Confederation, can be further improved? If so, where and how would they be, in your judgment? And what would be worthy of possible turnkey export to other nations?
“I think they are already very well functioning. I would echo the previous question by reiterating that no supranational organization should ever interfere, let alone be able to impose its own regulations on the federal government. If we really want to identify a flaw, I identify it in this danger. We live in a world where there are actions by globalist elites to take power away from individual countries. These dangers must be repelled with as much force and authority as possible. If Switzerland is so rich, safe and has such high standards of quality of life and social harmony, it is because of its very essence. There is direct democracy, federalism, trained administrators, close to the people the most liberal economy possible in terms of taxation and state presence. Here there is a wonderful and I would say almost moving concept for those who, like me, many years ago lived in a tax hell: the cantons specify that the citizen is not seen as a taxpayer, but as a customer. Last, but certainly not least, Switzerland has a strict and serious immigration policy. Here come ‘skilled’, qualified immigrants who can bring added value (or bring substantial assets to the federal government). Only those who hold a permanent employment contract and adequate housing-sometimes also need an ‘invitation’ as a ‘highly qualified’ resource-can aspire to become permanent residents of Switzerland. The path to becoming a citizen is even more complex, and this I find sacrosanct.”
In the house he shares with his wife in Zug, a lithograph of the Castello Estense in Ferrara stands out in the living room: does he regret the season of autonomy and freedom of the pre-unitary states, primarily Italian and German? What is his opinion of that long era of “de facto” federalism, somewhat ante litteram?
“Yes. I think Italy has only one chance to function well: to copy the Swiss political and economic system 100 percent. If the country were divided into three different macro areas – ‘Cantons’ or ‘Republics’ – the situation would be dramatically different for reasons that would take too long to explain here. Now, instead, I believe that the Peninsula is destined for the continuation of a slow agony, which has been going on for a dozen years, that will result in a breaking point due to exogenous factors, as the domestic political class is too subjugated or incapable (or a lethal mix of the two situations) to make momentous decisions, such as abandoning the Euro.”
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The Canton of Zug seems to have taken early advantage, in this case better than others, of the opportunities offered by cryptocurrencies and blockchain technologies: what could be the further commercial and scientific growth steps there?
“We also work with cryptobanks. We know them well and believe that the potential for development in the sector is stratospheric. Of course, with different perimeters than at present. Right now we are in a still early stage that is very reminiscent of the financial bubble of NASDAQ high-tech companies at the turn of the 1990s and the beginning of the new millennium. At that time, any company called xxx.com and listed on the stock exchange saw a price explosion not justified by any fundamental factor other than the irrational euphoria that pervaded that sector. Then, as is often the case, the bubble burst and only the most solid companies remained active. Certainly the Internet has not disappeared. Just as blockchain and the concept of cryptocurrency certainly will not disappear now. Finally, I would like to say a few words about Zug. Some mistakenly associate it with a canton made up only of business, tax havens and Bitcoin. Nothing could be more false. This canton is first and foremost a wonderful place to live. The quality of life has standards that are among the highest in the world. Every infrastructure is designed for families. The lakes, beaches, mountains, spas, and public playgrounds are wonderful places. The cantonal administration is superlative in terms of efficiency and is citizen-friendly. Among many things, just remember the 100 francs per citizen donated during the Coronavirus pandemic to support the local economy. Or the non-refundable aid that arrived within days and only by filling out an A4 form. While the rest of the world was struggling, people here lived peacefully and were never hammered by the negative media. Ultimately, I would advise anyone with an entrepreneurial dream and a lot of grit to come here. If you want it and work hard, you get it here. I am just one example, a drop in the ocean….”
