Real estate and venture capital funds regulated by the Capital Markets Board of Türkiye give foreign investors a supervised way into Turkish property and growth companies. Here is how they work and how to invest.
| Fund type | What it invests in | Who it suits |
|---|---|---|
| Securities funds | Listed shares, bonds, money market instruments | Investors looking for liquid, listed exposure |
| Real estate investment funds (REIF / GYF) | Income-producing property and real estate projects | Investors who want Turkish real estate without buying and managing a property |
| Project real estate funds (PGYF) | Specific development projects | Developers, land owners and investors in a defined project |
| Venture capital investment funds (VC / GSYF) | Equity in start-ups and privately held growth companies | Family offices, holdings and investors looking for private-company and pre-IPO exposure |
More detail: Real estate investment funds · Venture capital investment funds · Project real estate funds
If you can come to Istanbul, the tax number, power of attorney and account openings can usually be completed in about one day.
Under the amendment to CMB Communiqué III-52.4, a venture capital investment fund with foreign investors can also invest in companies established outside Türkiye. The share of the portfolio that can go abroad is set by the fund's foreign-investor share:
| Foreign investors' share of the fund | Maximum investment in companies established abroad |
|---|---|
| 20% – 30% | up to 30% of the portfolio |
| 30% – 50% | up to 50% |
| 50% – 80% | up to 80% |
| 80% and above | up to 100% |
An investment in a foreign company also counts as a venture capital investment when at least 51% of that company's assets are Turkish subsidiaries or affiliates. For family offices and holding structures, this means one CMB-regulated vehicle can hold Turkish growth companies and international holdings side by side.
Investing at least USD 500,000 in units of a CMB-regulated real estate or venture capital investment fund and holding them for three years qualifies the investor, their spouse and children under 18 for Turkish citizenship. There is no residence requirement. How the fund route works
Yes. Foreign individuals and companies can buy units of Turkish investment funds after obtaining a Turkish tax number and opening a bank and custody account in their own name.
The Capital Markets Board of Türkiye (CMB/SPK). Funds can only be set up and managed by CMB-licensed portfolio management companies, and their documents are published on KAP.
Yes. A VC fund with foreign investors can invest in companies established abroad. The maximum share of the portfolio that can go abroad depends on the foreign-investor share of the fund, up to 100% when foreign investors hold 80% or more.
No. Fund units carry risk and their value can go up or down. Investor protection comes from regulation, separate custody, independent valuation, audit and public disclosure.
Yes. Investing at least USD 500,000 in a CMB-regulated real estate or venture capital investment fund and holding it for three years qualifies you and your family for Turkish citizenship.
Related guides: Asset management company in Turkey · Venture capital investment funds · Real estate investment funds · Turkish citizenship through a fund
This page is general information, not an investment offer or investment, tax or legal advice. Tax law can change; please confirm your own position with a tax adviser. Fund units carry risk and their value may go up or down; past performance is not a guarantee of future results.
Sources: Capital Markets Board of Türkiye · CMB Communiqué III-52.4 on venture capital investment funds · KAP · TEFAS.
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