Turkish citizenship through fund units: the SPK certificate and MKK blockage, step by step

Short answer

You can apply for Turkish citizenship by buying at least USD 500,000 of units in a real estate investment fund (GYF) or a venture capital investment fund (GSYF). You keep the units for at least three years. The Capital Markets Board (SPK) confirms your investment and issues a conformity certificate. That certificate opens the next steps towards citizenship.

Want the big picture first? Read how Turkish citizenship by investment works. To see how we help with this option, visit the fund investment route.

Words you will see

GYF: a real estate investment fund. At least 80% of its assets are real estate investments.

GSYF: a venture capital investment fund. At least 80% of its value is in venture capital investments. It always runs for a fixed term.

MKK: the Central Registry Agency. It keeps the official record of your fund units.

Citizenship blockage sub-account: a special MKK account where your units are held for the citizenship application, at your request.

Conformity certificate (uygunluk belgesi): SPK’s written confirmation that your investment meets the conditions.

The steps

Step 1. Sell your foreign currency to a bank in Türkiye first. The bank then sells it to the Central Bank. This is required by Regulation article 20(10).

Step 2. Buy fund units worth at least USD 500,000. The value is calculated at the Central Bank’s rate on the day of the check. These funds are for qualified investors, so the authorised institution confirms your status before you buy.

Step 3. Ask for your units to be placed in the MKK citizenship blockage sub-account.

Step 4. Apply to SPK. Include your name, date of birth, foreign identity number, address and contact details, your MKK registry number, your fund investment details, the blockage document and a passport copy.

Step 5. SPK asks MKK within 2 business days. MKK answers within 3 business days. SPK issues the certificate within 2 business days. It goes to you, the migration authority and the population authority (NVİ) at the same time. The next stages are in the process and stages guide.

Planning your three years

The three years start on the day the units reach your account.

Three years is the citizenship condition. How and when you can later redeem your units is set by the fund’s own documents: the internal rules (içtüzük) and the issuance document (ihraç belgesi). Read them before you buy, with the fund information file checklist.

Keeping your holding on track

Good news on currency moves: SPK states that if the exchange rate pushes your units below USD 500,000, your application is not affected.

Fund payouts are fine too. A cash distribution, a unit repayment or a liquidation under the fund’s rules does not count as losing the minimum investment.

Keep the units in the blockage account, free of any pledge, for the full three years. That keeps your application on track, and we remind you of the dates.

Flexibility: Regulation article 20(8) lets you switch between investment types to complete the three years.

Dated facts (checked 15 September 2026)

Minimum USD 500,000 in GYF or GSYF units, held for three years: Regulation article 20(2)(e).

SPK step times of 2, 3 and 2 business days: SPK procedure page.

Invest in Türkiye lists fund units as one of seven investment options.

Common questions