Gold fund (BES) calculator for Turkish citizenship
Read the full guide to the gold pension route: law, process, costs and FAQ
The private pension route requires $500,000 to stay in the system for three years. If that contribution is allocated to a gold fund, your return depends on two moving parts: the dollar gold price and the lira. This tool shows what you are left with in dollars after the withholding tax at exit.
Figures are indicative. Entry values default to the market on 14 September 2026 and can be overwritten with the rates on your own investment date.
Why the tax is charged in lira, not dollars
Your contribution is converted to lira when it enters the plan, and the fund is priced in lira. At exit, the withholding is calculated on the lira gain — the difference between the lira value coming out and the lira value that went in.
When the lira loses value against the dollar over three years, a large part of that lira gain is simply the currency moving, not real profit. The tax is charged on it all the same. That is why the gold price has to rise by more than the tax rate suggests before you are even in dollar terms: move the exchange-rate slider and watch the break-even price move with it.
What this route involves
| Requirement | Detail |
|---|---|
| Minimum contribution | USD 500,000 into a private pension plan approved for the citizenship route |
| Holding period | Three years in the system |
| Fund choice | Allocation within the plan, gold funds included, subject to the pension company's approved plan |
| Fees | No entry fee and no fund management fee on citizenship plans |
| Tax at exit | Withholding on the lira gain, at the rate in force on the exit date |
| Family | Spouse and children under 18 included in the same application |
Legal basis: Turkish Citizenship Law no. 5901 and Article 20 of its implementing regulation, with eligible plans determined by the insurance and pension regulator.
The last three years, for reference
Gold moved from roughly $1,930 an ounce in September 2023 to $4,310 today, while USD/TRY went from about 27.4 to 48.6. An investor who had entered at those levels and exited today would be up roughly 98% in dollars after the 15% withholding. Past movements say nothing about the next three years — the calculator above is there so you can test the scenarios you actually consider likely, including bad ones.
Common questions
Is the tax rate locked in on the day I invest?
No. The rate applied is the one in force when you exit the plan, not the one in force when you enter. There is no grandfathering clause.
What if the fund value falls below $500,000 during the three years?
Market and currency movements after the investment has been made do not invalidate an application. The threshold is tested at the time of the investment.
Can I switch funds inside the plan?
Allocation changes within the approved plan are generally possible. Anything that reduces the committed amount or shortens the three-year term is not.
Do I have to come to Türkiye?
One visit of about two days is enough. Everything else is handled under a power of attorney.
How does this compare with the bank deposit route?
The deposit route pays a contractual interest rate in lira and carries no market risk on the principal, but its return is capped by that rate. The gold fund has no cap and no floor. Our deposit calculator runs the same kind of scenario for that route.