Bond, deposit or gold fund?
All six qualifying routes, with the law, thresholds and timeline
Three routes to Turkish citizenship lock USD 500,000 in a Turkish financial product for three years. None of them carries purchase costs such as title deed fees. What separates them is how each reacts to the lira and to gold. Set the scenario you believe in and compare what you end with in dollars, after tax and the bank's exchange spread.
Government bonds
Lira bank deposit
Pension gold fund
Dollars in hand after three years, net of withholding and the bank's spread on every conversion.
Entry figures and rates
Common to all three
Government bonds
Lira bank deposit
Pension gold fund
If the lira lands at
| USD/TRY | Bonds | Deposit | Gold fund |
|---|
How each figure is reached
Government bonds
- Lira invested
- —
- Coupons
- —
- Coupons in dollars
- —
- Bond sale proceeds
- —
- Tax
- —
- Sale proceeds in dollars
- —
- Break-even USD/TRY
- —
Lira bank deposit
- Lira deposited
- —
- Gross interest
- —
- Tax
- —
- Net lira at maturity
- —
- In dollars
- —
- Break-even USD/TRY
- —
Pension gold fund
- Lira contributed
- —
- Gold held
- —
- Lira value at exit
- —
- Tax on the lira gain
- —
- In dollars
- —
- Break-even gold price
- —
The bank spread on entry is the same for all three routes: —.
What drives each route
Government bonds pay a fixed lira coupon every six months. Converting each coupon to dollars as it arrives means most of the income leaves the lira early, before much depreciation. The remaining risk is the lira at exit and the bond's price on the day it is sold. Bonds bought up to 31 December 2026 are withheld at 0% for as long as they are held.
The lira bank deposit pays a contractual rate with no market risk on the principal, but the whole balance, interest included, stays in lira until maturity, and interest is withheld at source.
The pension gold fund follows the dollar gold price, so it protects against the lira on its own. Its weak point is tax: the withholding is charged on the lira gain, which includes the lira's fall, at the rate in force on the exit date. If gold stands still in dollars, the fund still pays tax and ends below the amount invested.
Common questions
Which route is best?
It depends on two things nobody knows today: the lira and gold in three years. A lira that holds up favours the lira products; a sharp fall in the lira or a strong gold market favours the gold fund. Try the scenario you expect, then the one you fear, and choose the route you can live with in both.
Are there any purchase costs?
None of the three routes carries title deed fees or similar purchase costs, and citizenship pension plans charge no entry or management fee. The one cost common to all three is the exchange spread when your currency is converted, which the calculator includes.
Can the investment be combined?
Each route must meet the USD 500,000 threshold on its own. Splitting the amount across routes does not qualify.
Do I have to come to Türkiye?
One short visit is usually enough. The rest can be handled under a special power of attorney.
Can I look at one route in more detail?
Yes. The government bond calculator, the deposit calculator and the gold fund calculator each model a single route with more of its own settings.
Assumptions
- All three routes start on the same day with the same dollars, converted at the market rate less the bank spread, and end three years later.
- Bonds: defaults are a fixed-coupon Treasury bond maturing 10 July 2030 (TRT100730T13) bought on 15 September 2026. Six coupons fall inside the three years; the bond is sold at the end at the market yield entered. When coupons are converted as paid, each is converted at a rate on a steady path from today's rate to the rate in three years. Dollars earn nothing after conversion.
- Deposit: simple interest paid in full at maturity, withholding deducted from the interest.
- Gold fund: the fund tracks the gold price in lira with no tracking difference; withholding is charged on the lira gain at exit and nothing if there is no gain.
- Rates default to 14–15 September 2026 and can be overwritten with the offers and rates on your own investment date.
Run your own numbers with us
We compare the live offers across the three routes on your investment date and handle the conversion, the certification and the application. Send the figures you are considering and we will walk through them with you.
Reviewed by Av. Arda Şardağ, Istanbul Bar Association no. 70004.
This page is general information, not legal, tax or investment advice, and it is not a forecast of interest rates, gold prices or exchange rates. Figures depend on the rates and rules in force on your investment and exit dates.