Definitely. As far as I know the Board is physically located here in southern Germany, though members may come from all over the place.
I have several certs from ITSQB.
Advantages: as was being said, you have those in your cv, which is a big thing in Germany especially if you work for public institutions, sometimes the require it. Plus: you get a basic understanding of the theory of testing and learn the common terms and what they mean.
Disadv.: you have to spend the time (not much) and money (much if you need a course before the exam, the exam fee shouldn’t be that high).
Just reading the syllabus won’t be enough I’m afraid. The exam really gets into the exact meaning of the terms you learn. Try to find test exams, there should be some around on the net and try to do them.