- USD 500,000 in units of a CMB-supervised real estate or venture capital fund, held for 3 years.
- Spouse and children under 18 included; no residence requirement.
- Typical timeline: 3 to 6 months.
- No property to choose or manage; assets valued under CMB rules.
- Exit after 3 years through the procedure in the issuance document.
When investors in Dubai, Riyadh or Karachi think of Turkish citizenship, they usually think of buying an apartment. Fewer know that the same passport can be obtained without owning a property directly, by investing in a regulated fund.
I run a portfolio management company in Istanbul that manages these funds, so let me explain the route in plain terms.
What is the fund route?
A foreign investor buys at least USD 500,000 of units in a real estate investment fund (REIF) or a venture capital fund supervised by the Capital Markets Board of Türkiye (CMB/SPK), and commits to hold them for three years. The legal basis is Article 20 of the regulation implementing Turkish Citizenship Law No. 5901. The Capital Markets Board issues a certificate confirming that the investment meets the requirements, and the investor's lawyer files the residence permit and citizenship application.
Spouse and children under 18 are included. There is no requirement to live in Türkiye and no language test.
The five steps
- Choose the fund and review its issuance document, which is public on KAP.
- Open a bank account and a custody account in Istanbul, in person or by power of attorney. If you come to Istanbul, this can usually be done in one day.
- Transfer USD 500,000 and buy the fund units in your own custody account.
- Receive the CMB certificate of conformity.
- Your lawyer applies for the residence permit and citizenship for the family.
A typical timeline is three to six months; the final decision belongs to the Turkish authorities.
Why some investors prefer it
- No property to choose or manage. A licensed fund manager selects, manages and values the assets.
- Regulated valuation. Fund assets are valued by CMB-licensed appraisers and fund prices are published regularly. After this year's cancellations linked to inflated property valuations, this matters more than ever.
- Real assets behind the units. Turkish real estate investment funds must keep at least 80% of their assets in real estate, so the investment is backed by property, not by lira deposits.
- Tax after the holding period. Gains realised after three years are not subject to a tax return, whereas selling a directly owned property within five years can trigger capital gains tax.
- A defined exit. After three years, the investor exits through the redemption procedure set out in the issuance document.
What to ask before you invest
Who manages the fund and is it licensed? What does the fund own? How is it valued, and how often? What is the exit procedure and notice period? Can you see the issuance document and the latest reports? A serious manager will answer all of these in writing.
The fund route is not for everyone. But if your goal is citizenship for your family with a regulated, documented investment, it deserves a close look.
If you want to live in a specific apartment, buying property may suit you better; our funds also sell completed properties to citizenship investors. For the full step-by-step guide to the fund route, see Turkish citizenship through fund investment.
Serkan Topaktaş
Chairman of FT Portföy, a portfolio management company licensed and supervised by the Capital Markets Board of Türkiye (CMB/SPK), managing real estate and venture capital funds in Istanbul.
Related guides
Turkish citizenship through fund investment (USD 500,000) →After 6,000 cancellations: what to check before buying property →Turkish citizenship by property, bought from a regulated fund →This article is general information, not legal or investment advice. Eligibility for citizenship is decided by the Turkish authorities.