GYF or GSYF? Real estate and venture capital funds explained simply
Short answer
Both fund types work for the USD 500,000 citizenship option, using the same SPK procedure. The difference is what the fund invests in. A GYF puts at least 80% of its assets into real estate. A GSYF puts at least 80% of its value into venture capital investments, meaning stakes in growing companies. A GSYF always has a fixed end date. A GYF can have one, or run without an end date.
For the full programme, see the Turkish citizenship overview. For our fund service, visit the fund route page.
What SPK says about each fund
GYF (real estate investment fund): a pool of money collected from qualified investors and managed by a licensed portfolio management company for the unit holders. It has no legal personality of its own.
GSYF (venture capital investment fund): the same structure, set up for a fixed term, and managed by a portfolio management company or a venture capital portfolio management company.
Qualified investor: an investor who meets the conditions to buy these funds. The authorised institution checks this before the sale.
Side by side
Main investments: GYF, at least 80% real estate. GSYF, at least 80% venture capital.
Term: GYF, fixed or open-ended. GSYF, fixed.
Citizenship steps: the same for both. You sell the currency, block the units at MKK and receive the SPK certificate. See the fund route step-by-step guide.
What you own: fund units recorded at MKK. The fund’s own documents explain payouts, redemptions and the end of the fund.
Questions to ask before choosing
Which assets does the fund invest in? How are they valued? When does the fund end? What do its documents say about redemption after your three years? You will find these answers in the fund’s own documents. Use the fund information file checklist.
Dated facts (checked 15 September 2026)
The 80% rules and the qualified-investor rule: SPK introduction guides for real estate funds and venture capital funds.
The USD 500,000 fund option with three years of holding: Regulation article 20(2)(e).
Common questions
Do both fund types work for citizenship?
Yes. Regulation article 20(2)(e) names real estate investment fund units and venture capital investment fund units.
Do I get a title deed with a real estate fund?
No. You own fund units recorded at MKK. The fund holds the property assets for its unit holders.
Who can buy these fund units?
Qualified investors, according to SPK’s guides for both fund types.
Where do I find how long a fund runs?
In the fund’s internal rules and issuance document.
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