Everything investors ask about the USD 500,000 fund route – explained by the CMB-licensed manager of the funds.
In one sentence: you buy at least USD 500,000 worth of units in a Turkish real estate investment fund (REIF) that is approved for citizenship, the units are registered in your own custody account and blocked for three years, the Capital Markets Board of Türkiye issues a Certificate of Conformity, and your lawyer uses that certificate to apply for citizenship for you, your spouse and your children under 18.
This page goes deeper than a general overview. It explains what a real estate investment fund is, how your money moves, who holds it, how its value is calculated, what happens after three years and how to compare funds. It is written by FT Portföy, a portfolio management company licensed by the Capital Markets Board of Türkiye (CMB / SPK, authorisation certificate GGSPYŞ/PY 10/420) that specialises exclusively in real estate and venture capital funds.
A real estate investment fund – gayrimenkul yatırım fonu (GYF) in Turkish – is a pooled investment vehicle regulated by the Capital Markets Board of Türkiye. Investors buy units of the fund; the fund in turn invests in real estate projects, completed properties, real estate rights and related assets in line with its internal rules and issuance document.
A REIF has no legal personality of its own. It is established and managed by a licensed portfolio management company, its assets are kept separate from the manager's own assets, and they are held by an independent custodian. In Türkiye, the custody of fund assets is carried out by Takasbank, the central clearing and custody institution of the capital markets.
Some REIFs are project funds that develop specific projects from the ground up; others are mixed funds that combine projects, income-producing properties and other permitted assets. Participation (Islamic-finance compliant) REIFs – PGYF – follow the same structure with additional compliance rules.
Only units of real estate investment funds (GYF / PGYF) and venture capital investment funds (GSYF) can be used for citizenship through the fund route. Ordinary mutual funds, money-market funds, equity funds, bonds or shares do not qualify, even if they are Turkish.
The investment must be at least USD 500,000 or its equivalent in another foreign currency, and the investor must commit not to sell the units for three years. In practice this commitment is implemented as a block on the units in your custody account.
At FT Portföy, citizenship applications are currently accepted in two of our real estate investment funds:
A project-focused real estate investment fund investing in development projects that our team, coming from the construction and real estate sector, monitors and manages actively.
A mixed real estate investment fund that can combine projects, properties and other permitted assets within its rules.
We share each fund's issuance document, which sets out its strategy, costs and rules, before you decide.
Because the conversion happens at the bank's rate on the day, we plan the timing with you so that the converted amount comfortably covers the USD 500,000 threshold.
A fund's unit price is its total net asset value divided by the number of units in circulation. For real estate funds, the properties and projects in the portfolio are valued by CMB-licensed independent valuation firms at the intervals required by regulation, and the unit price reflects these valuations, the fund's other assets and its costs.
Because the fund invests in real estate, the value of your units can go up or down. Real estate funds may also use USD-linked protective (hedging) structures as part of their strategy; ask us for the details of each fund.
Once the three-year holding period ends, the block on your units is lifted. You can then keep your units or redeem them in line with the fund's rules and issuance document. Redemption terms – timing, notice and pricing – are set out in each fund's documents and we explain them in detail before you invest. Turkish citizenship, once granted, is not affected by redeeming your units after the holding period.
| Question to ask | Why it matters |
|---|---|
| Is the manager licensed by the CMB, and is the fund approved for citizenship? | Only eligible funds lead to a Certificate of Conformity. |
| What does the fund invest in? | Projects, completed properties or a mix carry different profiles. |
| What are the fees? | Management fee and fund expenses are in the issuance document. |
| What are the redemption rules after 3 years? | Defines how and when you can exit. |
| Who is the team? | Real estate experience matters for project funds. |
No. You own units of the fund, registered in your custody account. The fund owns and manages the real estate assets.
The fund's assets are held by Takasbank, the central custody institution of the Turkish capital markets, and are kept separate from the manager's own assets.
No. The investment must come from abroad in foreign currency and be converted through a Turkish bank with a DAB certificate.
Yes. USD 500,000 is the minimum for citizenship; you can invest more.
Ask us before planning this; the qualifying conditions apply to the investment as a whole and must be documented correctly.
This page is general information and not an investment offer, tax or legal advice. Investment involves risk and the value of fund units may go up or down. Past performance is not a guarantee of future results. Citizenship is granted by decision of the Turkish authorities. Details of the citizenship stage should be confirmed with your lawyer. Last reviewed: October 2026.
Related: Turkish citizenship by investment 2026 – requirements and process · Turkish citizenship through fund investment (USD 500,000) · FT Portföy – home
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