With a population of nearly 9,000, Stans is the capital of the Canton of Nidwalden. The town boasts exceptionally low corporate taxes, even lower than those in Hong Kong, which made international headlines four years ago. Otherwise, Stans has remained somewhat of a hidden gem in Switzerland’s financial sector.

And yet Stans has managed to attract the attention of countless bankers.

Capuchins Gave up the Monastery After over 400 Years

This is primarily due to the former Capuchin monastery.

The town’s newfound attention from bankers is largely due to the former Capuchin monastery. Capuchin friars first settled in Stans in 1582, but after more than 400 years, they left the monastery in August 2004. The last friars were relocated to other houses in Switzerland, and the property was sold to the canton of Nidwalden for over a million francs.

The Former Capuchin Monastery in Stans. (Image: Timo Schwach)

The property was then transferred to the canton of Nidwalden for a good one million francs. Initially, the plan was to transform the monastery into an «Academy of the Wise,» preserving the knowledge of endangered professions. However, the project failed due to insufficient funding.

The project failed due to a lack of funding.

Pharmaceutical Company Had Big Plans

In 2008, a pharmaceutical company announced ambitious plans to revolutionize treatments for rare diseases and hired star architect Norman Foster to redesign the monastery. But these dreams were short-lived—the company’s funds quickly ran out, and the project was abandoned.

The excavators never arrived: as quickly as the pharmaceutical company arrived, the money was gone.

For four years ago, the former monastery found new life as the Culinarium Alpinum, a hub dedicated to preserving the culinary heritage of the Alps. The venue now attracts chefs, schnapps distillers, farmers, butchers, sommeliers, tasters, cheese experts, and bakers, all working to shape the future of Alpine cuisine.

Staying Where the Monks Used to Live. (Image: Timo Schwach)

Banks Discover Culinarium for Workshops and Seminars

More recently, banks have discovered the Culinarium Alpinum’s potential as a venue for workshops and seminars. «In recent years, we have seen an increasing number of financial institutions holding seminars and workshops here», says Cluinarium head Peter Durrer.

Culinarium's customers include insrers, small and regional banks as well as major banks.

Peter Durrer, Head of the Culinarium Alpinum. (Image: Timo Schwach)

Cooking Courses for Rich Americans

In addition to its seminar rooms and guest accommodations, the Culinarium offers a unique opportunity for networking. For example, the venue has become a favorite destination for wealthy American visitors, who participate in cooking classes that teach them how to prepare Swiss specialties like Geschnetzeltes (veal in cream sauce) and rösti. Guests are chauffeured from their hotels in Central Switzerland to Stans for the experience, which costs 1,400 francs per person. According to Durrer, their feedback is simple: «Amazing!»