On 19 and 20 October, the German Federal Government is inviting international investors, business leaders and high-ranking representatives from politics and industry to Berlin for the “Invest in Germany Summit”. The aim is to bring these groups together and to encourage additional investment in Germany. more…
When the private key is inherited – Crypto assets in succession planning
Crypto assets pose new challenges for succession planning: an asset can legally form part of the estate while being effectively worthless to the heirs if the private key is missing. Add to this high price volatility, valuation issues and potential tax burdens. Private Clients partners Dr Marcus Niermann and Pauline Becker (both POELLATH) explain what investors should bear in mind when it comes to inheritance, gifts and wealth planning. more…
MiCAR in practice – When crypto-assets and crypto-asset services fall under financial supervision
With the Markets in Crypto-Assets Regulation, or MiCAR for short, a uniform supervisory framework applies to numerous crypto-assets and crypto-asset services across the European Union. For family offices, investors, issuers and service providers, it is above all the specific design of a token or business model that determines which obligations apply. more…
Bitcoin in portfolios– Key metrics Investors should understand before allocating
Digital assets have established themselves as a distinct asset class, increasingly attracting the attention of family offices, wealth managers, and institutional investors. This shift brings strategic portfolio allocation into sharper focus. To kick off the POELLATH online series “Crypto Allocation Briefings – Practical Insights for Investors and Family Offices”, Dr. Marcus Niermann and Dr. David Hötzel (POELLATH) discuss with experts Dominic Weibel and Denis Oevermann (Bitcoin Suisse) the market, risk, and valuation indicators investors should consider when strategically allocating Bitcoin and other crypto assets. more…
Planned Tax Reform for Crypto Assets
The German Federal Minister of Finance has sent shockwaves through the crypto world. For a long time, a reform of cryptocurrency taxation for private investors has been under discussion. Now, the draft bill for a reform law has been published. After rather abstract discussions in recent weeks about the possible contents of a reform, the investor and expert community now has a concrete basis to assess and evaluate – and, hopefully, still influence the ongoing legislative process. more…
Venture Capital 2026 – Employee participation, vesting and the potential EU Inc. in practice
The legal framework for venture capital-backed companies is evolving noticeably. Andreas Kühnert and Dr Leonid Guggenberger examine three current topics of high practical relevance: Profit Participation Rights (so-called Genussrechte) as an instrument for employee participation, new case law on vesting regulations, and the proposed EU Inc. as a potential alternative to the German GmbH. more…
Alternative Investments for Non-Profit Foundations
The long-term asset strategy of a non-profit foundation is a fundamental issue requiring a careful economic assessment and balancing of various aspects. In addition, the limits and requirements of German foundation civil law, German tax law on non-profit status and the foundation’s own statutes must be observed. more…
Exit Taxation in the Context of the Preliminary Ruling Procedure “Gena” – Will the CJEU Make Deferral Mandatory?
Exit taxation operates in the tension between European mobility freedom and Member States’ fiscal interests. The taxation of mere book gains, which are not accompanied by a corresponding cash inflow, inherently creates hardship and naturally raises the question of the form of tax collection. With the abolition of permanent tax deferral for EU/EEA cases as of January 1, 2022, the German legislator opted for a tightening of the rules. In the pending preliminary ruling procedure “Gena” (Case C-430/25), the Court of Justice of the European Union (CJEU) now has another opportunity to address exit taxation and its method of collection. more…
Infrastructure Funds in Transition – New Opportunities for Institutional Investors
The expansion of transport networks, energy infrastructure, digitization, and municipal facilities requires significant investment. In addition to public funds, private capital is increasingly gaining importance. In this article, POELLATH fund experts Dr. Jens Steinmüller, Dr. Tobias Lochen, and Dr. Philipp Ahlers examine current regulatory developments that are making infrastructure investments via fund structures more attractive. more…
Continuation Investments – Market Trends, Governance and Deal Terms
In this episode of our Private Equity Talk, Petr Poldauf (Schroders Capital) and Dr. Robert Eberius (POELLATH) discuss the role of continuation funds in today’s private equity market. more…
New EU Anti-Money Laundering Package and its implications for foundations and trusts as well as their subsidiaries
The prevention of money laundering and terrorist financing has long been governed by extensive due diligence and reporting obligations already in place under existing national and EU law. In Germany, these obligations are laid down in the German Money Laundering Act (Geldwäschegesetz, GwG) and largely stem from European directives. As of 10 July 2027, the existing national legislation on anti-money laundering will be largely replaced by a harmonized EU-wide regulatory framework. Its core element is the EU Anti-Money Laundering Regulation (Regulation (EU) 2024/1624 – AMLR). This unification of national regimes will be accompanied by a significant expansion of both due diligence and reporting obligations. more…
Positive ruling by the Federal Court of Justice on call options in management participation programs (MPPs)
The Federal Court of Justice (BGH) has issued a statement on the validity of free termination clauses and thus on call options in the context of PE management participations. The ruling deals with the practically significant question of which aspects must be considered when assessing the validity of call option clauses. In particular, the BGH examines the economic purpose of management participation programs. more…
Another positive ruling by the Federal Fiscal Court on the taxation of management participation programs
The German Federal Fiscal Court (BFH) has amended its case law on the distinction between types of income regarding employee and management participations. According to this amendment, it is no longer necessary to weigh up all factors when distinguishing between income from capital assets and income from employment, provided that the participation is effectively established and carried out in accordance with the contract. Income from such participation is generally classified as income from capital assets. more…
Planned Revision of the Attribution Taxation of Foreign Family Foundations and Trusts
The German Federal Government plans to revise the so-called attribution taxation applicable to German-resident founders/settlor and beneficiaries of foreign family foundations and trusts under Section 15 German Foreign Tax Act (Außensteuergesetz – AStG). By circular dated 18 November 2025, the German Federal Ministry of Finance (Bundesministerium der Finanzen – BMF) published a draft legislative proposal to that effect and opened a public consultation, inviting associations and professional stakeholders to submit comments by mid-January 2026. more…
Private Clients – Legal framework and use cases
The Lexology Private Client Germany 2026 Guide provides a comprehensive overview of German private client law. It addresses key issues relating to taxation, wealth structuring, succession planning, foundations and trusts, as well as current legal and tax developments, with a particular focus on high-net-worth individuals and cross-border matters. more…