A CMB-regulated, tax-efficient way to become a shareholder in growing companies. This guide explains how a Turkish GSYF works, who it suits and how it is set up.
| Element | Description |
|---|---|
| Founder and manager | CMB-licensed asset management company |
| Investors | Qualified investors (companies, institutions, individuals meeting the wealth threshold) |
| Portfolio | Mainly growth companies, plus other assets permitted by the regulations |
| Custody | Independent custodian |
| Oversight | CMB supervision, independent audit, KAP disclosures |
| Documents | Bylaws and issuance document (guide) |
Set aside up to 10% of declared profit as a venture capital reserve and invest it in a GSYF for a tax benefit.
Bring internal and external venture investments into one regulated, transparent structure.
Manage family wealth in private companies professionally and simplify transfer between generations.
A USD 500,000 investment in a GSYF held for three years can qualify for Turkish citizenship.
Details and a worked example: VC fund tax benefits
| GSYF | GSYO | REIF (GYF) | |
|---|---|---|---|
| Legal form | Fund (no legal personality) | Joint-stock company | Fund |
| Invests in | Growth companies | Growth companies | Real estate |
| Set-up | Faster, lower cost | Company formation, usually an IPO | Faster, lower cost |
| Distribution rule | None | Company law | At least 50% of real estate income (from 1 Jan 2025) |
FT Portföy sets up and manages GSYFs for companies, families and foreign investors. Türkçe
The minimum is set in the fund's bylaws and issuance document. Units are sold only to qualified investors.
Investment limits are set in the bylaws. Funds structured for a group or a specific project can concentrate on a small number of companies within the regulatory limits.
Units can be redeemed under the bylaws' conditions or transferred to other qualified investors. Because venture investments are long term, redemptions are usually tied to set periods.
Drafting the documents, the CMB application and custody agreements usually take a few months.
Yes. Foreign individuals and companies can buy GSYF units, and a USD 500,000 investment held for three years qualifies for Turkish citizenship.
Related guides: VC fund tax benefits · What is a REIF? · Asset management in Turkey · 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 · KPMG Vergi · Presidential Decree 11107.
Tell us about your company, portfolio and goals. We will work out the right fund structure and its tax effect with you.
