Reaction of a nucleophilic germylene Ge[CH(SiMe3)2]2 with the phosphanyl phosphaketene [{(H2C)(NDipp)}2P]PCO induces decarbonylation to form a phosphanyl phosphagermene [{(H2C)(NDipp)}2P]P=Ge[CH(SiMe3)2]2 (1; Dipp = 2,6‐diisopropyl‐phenyl). Addition of CO2 or MeCN to 1 results in [3+2]‐cycloaddition reactions to afford five‐membered heterocycles. This mode of reactivity is reminiscent of that observed for frustrated Lewis pairs, with the pendant phosphanyl group acting as a base and the germanium center as a Lewis acid. Contrastingly, 1,2‐addition across the P=Ge bond was observed when using ammonia, small primary amines (NH2nPr, NH2iPr), or metal complexes (e.g. Au(PPh3)Cl and ZnEt2). These latter reactions allow for the one‐step synthesis of metal phosphide complexes.