N-Phosphanyl-N-heterocyclic carbenes (NHCPs) featuring a saturated imidazolin-2-ylidene or tetrahydropyrimid-2-ylidene ring have been synthesized and characterized. The free carbenes exhibit good stability and can be stored in the solid state for months at ambient temperature without decomposition. Contrary to imidazoline-based NHCPs, which decompose by ring opening, N-phosphanyltetrahydropyrimid-2-ylidenes isomerize to 2-phosphanyl tetrahydropyrimidines upon heating. The free carbenes are capable of acting as chelating ligands toward palladium(II), forming very stable mononuclear complexes that have been structurally characterized. The catalytic potential of the complexes has been preliminarily assessed in cross-coupling reactions, most notably in the Suzuki coupling of aryl chlorides, where these complexes display promising activity, and in the copper- and amine-free Sonogashira coupling of aryl bromides.