Turkish Citizenship by Investment Fund Shares

How the investment fund route works

The investment fund route is one of the seven investment routes to Turkish citizenship under Article 12/1-b of Turkish Citizenship Law No. 5901 and Article 20 of its implementing regulation. You buy units (katılma payı) of a real estate investment fund (gayrimenkul yatırım fonu, GYF) or a venture capital investment fund (girişim sermayesi yatırım fonu, GSYF) for at least USD 500,000, or the equivalent, and keep them for 3 years. The Capital Markets Board (SPK) states the route on its official website and certifies the investment.

The units are blocked in a citizenship blocking sub-account (Vatandaşlık Blokaj Alt Hesabı) at the Central Registry Agency (MKK) for the 3 years. As on every route, the foreign currency is first sold to a bank in Turkey and on to the Central Bank (TCMB), and a Foreign Exchange Purchase Certificate (DAB) is issued before the investment.

Conditions

• Amount: USD 500,000, or the equivalent.
• Funds: units of a real estate investment fund (GYF) or a venture capital investment fund (GSYF).
• Blocking: the units are blocked in a citizenship sub-account at the MKK.
• Holding period: 3 years.
• Certification: SPK.

Real estate funds and venture capital funds

The two fund types invest in different things: a real estate investment fund invests mainly in property and property-related assets, and a venture capital investment fund invests in companies. Both fall under SPK rules, and each fund has documents that set out its strategy, its charges and the conditions for redeeming units.

For citizenship, the fund must be one whose units can be blocked for the route, and the purchase must reach USD 500,000. Beyond that, the choice is an investment decision. We help you compare the funds available at the time, read their documents with you and explain what the 3-year blocking means for each. We do not recommend a particular fund and we do not manage the money: the fund's manager manages the fund, and the choice is yours.

Timeline

No official processing time is published, and no timeframe can be guaranteed. There is no property search, valuation or title deed stage for you, even with a real estate fund. The stages are:

• Choice of fund, currency sale, DAB, purchase of the units and MKK blocking: arranged once your documents are in order.
• SPK certificate and residence permit: a few weeks.
• Citizenship application to decision: advisers commonly report about 3 to 6 months for a complete file. The security review and the Presidential decision are usually the longest stage.

See the process, documents and timeline for each stage.

Holding period and exit

The units stay blocked at the MKK for 3 years, so they cannot be sold during that period. After it, the way you leave depends on the fund: its documents set the redemption terms. We read those terms with you before you buy, because the exit of a fund investment is decided by the fund's rules, not only by the end of the blocking.

Family members

The investor's spouse and children can apply on the same investment, so the amount does not change with the size of the family. We confirm which children can be included for your case before the file is prepared. See family members.

Costs

There is no title deed fee, VAT or valuation fee for you on this route. The fund's management and other charges are set out in its documents, which we review with you. Our fees are not published: contact us for fees, questions and service scope.

Risks and common mistakes

• Treating fund units as a fixed balance: their value moves during the 3 years and after.
• Buying units of a fund that cannot be blocked for the route.
• Not reading the fund's redemption terms for the period after the 3 years.
• Ignoring the currency: the result in your own currency also depends on the exchange rate.
• Transferring money before the currency sale and the DAB are arranged as the rules require.

Why our advice on financial routes

Our advice on the financial routes is led by our founder, Burak Ünal. He holds an MSc in Finance from the London School of Economics (2019) and, before founding Gordion Partners, worked at Oliver Wyman, the management consulting firm, as a Financial Services Consultant, on projects in Turkey, Italy and Greece. That background is the basis of how we explain fund documents, currency, the blocking period and the exit of a USD 500,000 fund investment, in plain terms and in your language.

We do not promise returns or exchange rates, and we do not hold or manage your money: the fund's manager manages the fund, and the investment decision is yours. For tax questions in your home country, consult a tax adviser.

Compare the other routes

• Real estate investment (USD 400,000): owning a property directly, for a lower amount.
• Private pension fund (BES): USD 500,000 in one citizenship pension contract.
• Government bonds and the bank deposit: USD 500,000 held for 3 years.

Book a consultation or message us on WhatsApp: we will go through the funds available and their terms with you before you decide.