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Cum-Ex & Cum-Cum in Germany — English-speaking criminal tax defence in Frankfurt

Facing a Cum-Ex or Cum-Cum investigation in Germany? Our specialist criminal defence solicitors in Frankfurt advise private individuals, executives and companies in complex tax criminal law cases. We act from the first contact with the authorities, secure file access and build a strategy for defence, asset protection and reputation management.

What are Cum-Ex transactions?
Cum-Ex deals are coordinated share transactions around the dividend record date where stock is bought cum (with dividend) and delivered ex (without dividend), often using OTC trades and hedging instruments. The effect pursued was that capital gains withholding tax paid once could be claimed (or refunded) more than once — a practice the German courts consider tax evasion under § 370 AO. (dr-buchert.de)

What are Cum-Cum transactions?
Cum-Cum describes structures in which shares — together with the dividend entitlement — are transferred to a party with a more favourable withholding-tax position before the record date and transferred back after the dividend, with the aim of reducing German dividend withholding tax. The civil-law ownership is with the acquirer at or before the record date. (dr-buchert.de)

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Our Cum-Ex / Cum-Cum defence approach

• Early case analysis & file access: we examine trading chains, settlement flows, financing/hedging and communications to test the tax position and any alleged deceit towards the tax office.
• Challenging “double dip” theories & intent: we assess whether all facts were disclosed to the tax authorities and whether intent (Vorsatz) can be disproved. (dr-buchert.de)
• Asset risks (Einziehung / confiscation): we defend against extensive asset recovery and third-party skimming, a frequent issue in Cum-Ex/Cum-Cum proceedings. (dr-buchert.de)
• Proceedings management: from investigation to indictment and, where applicable, main hearing, including strategy on penal orders (Strafbefehl) and negotiation options.

Further reading on our site:

• Cum-Ex – legal analysis (DE)
• Cum-Ex trading: overview (DE)
• Cum-Cum transactions (DE)
• Criminal compliance & §§ 30, 130 OWiG

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Key issues authorities focus on

• Organisation & intent: who structured the transactions, and was there knowledge of multiple tax reclaims? (dr-buchert.de)
• Ownership & allocation: who held (economic) ownership at the record date in Cum-Cum structures? (Recent BFH case law stresses attribution to the security taker where core rights rest with them.) (dr-buchert.de)
• Proceeds & confiscation: value increases and distributions can be treated as “Tatlohn” or proceeds subject to confiscation. (dr-buchert.de)

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Why instruct Buchert Jacob Peter

• 25+ years in white-collar and tax criminal law with partner-level attention.
• Criminal tax and corporate crime focus; we understand trading, settlement and financing mechanics.
• Strategic defence across investigations, indictments and main hearings, including asset-recovery defences and compliance interfaces.

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FAQs

1) Is Cum-Ex always illegal?
German higher courts view Cum-Ex structures that enabled multiple credit/refund of a single withholding-tax payment as tax evasion (§ 370 AO). The factual set-up and disclosures to the tax office remain crucial for defence. (dr-buchert.de)

2) How do Cum-Cum cases differ from Cum-Ex?
Cum-Cum typically involves temporary transfers around the dividend date to benefit from a better withholding-tax position; ownership attribution and substance are central. Cum-Ex focused on duplicated withholding-tax credits. (dr-buchert.de)

3) What procedural stages should I expect?
Case investigation by tax police/prosecution, potential indictment or penal order, and possibly a main hearing before the economic crime chamber; confiscation issues often run in parallel.

4) What are the asset risks?
Authorities may pursue confiscation (Einziehung) of profits or value advantages, including indirect gains (e.g., valuation effects), even alongside penalties. (dr-buchert.de)

5) How can you help early on?
We secure file access, map the trading chain, test tax/legal positions, address intent, negotiate where appropriate, and protect assets using tailored applications and evidence strategies.

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Contact — speak to an English-speaking solicitor in Frankfurt

Buchert Jacob Peter Rechtsanwälte Partnerschaftsgesellschaft mbB
Kaiserstraße 22, 60311 Frankfurt am Main, Germany
Phone: +49 69 710 33 330 · Email: kanzlei@dr-buchert.de
Attorneys (EN) · Contact (EN) (dr-buchert.de)

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