Home · Turkish citizenship by investment · Pension gold fund, USD 500,000
Place USD 500,000 into Türkiye's private pension system, keep it there for three years, and you and your family can apply for citizenship. Investors choose it because the money can sit in a gold fund: the holding tracks the gold price rather than the lira, and there is no property to sell at the end.
The threshold for this route is USD 500,000. If your budget is between USD 400,000 and USD 500,000, the property route is open to you instead and we will tell you so.
At a glance
| Item | Pension gold fund, USD 500,000 |
|---|---|
| Minimum investment | USD 500,000, or the equivalent, in a private pension plan within the Turkish system |
| Holding period | Three years, with a written commitment to remain in the system |
| Legal basis | Turkish Citizenship Law no. 5901, article 12/B; Regulation article 20; Presidential Decision no. 5042 |
| Certifying authority | Insurance and Private Pension Regulation and Supervision Authority (SEDDK) |
| What the money can hold | Fund options within the plan, including gold funds |
| Typical timeline | Eight to nine months from application to presidential decree, in our files |
| Who is included | Spouse and children under 18 |
Thresholds and tax rates are set by regulation and have been revised before. Confirm the figures in force on your filing date before any transfer is made.
The law
A contribution to the private pension system, held for three years, is a qualifying investment under article 20 of the implementing regulation at the amount fixed by Presidential Decision no. 5042. The pension company gives the undertaking, and the Insurance and Private Pension Regulation and Supervision Authority issues the certificate of conformity.
Within the plan, the contribution is allocated to funds. Gold funds are the allocation most citizenship applicants choose, because the value of the holding then follows the gold price rather than the interest the lira happens to pay. The system, not the fund, is what the three-year commitment attaches to.
Fit
This route suits an investor who already thinks in gold, or who wants the three years of exposure to be to something other than the lira and other than Turkish property. It also suits investors who want a clean exit: at the end of the term the units are sold inside the plan and the money is released, with no buyer to find.
It suits you less well if you want a predictable number at the end. Gold can fall, and it can fall at the same time as the lira moves against you. An investor who wants a defined outcome should read the bond route; one who simply wants the capital back should read the deposit route.
Process
Our files typically run eight to nine months from application to decree. Setting up a pension file takes slightly longer than a deposit, because the company's own onboarding sits alongside the bank's.
Documents
Children are included on the file up to the age of 18. A child who turns 18 while the file is pending falls out of it, which is why the birth dates of teenage children change the order in which we do things.
On top of these, the pension route needs the source-of-funds evidence, the pension contract and fund allocation documents, the written three-year commitment and the certificate of conformity from the regulator.
Costs
The costs on this route are mostly internal to the plan, which is why they are easy to miss.
| Item | What to expect |
|---|---|
| Currency conversion spread | On the way in, and again on the way out. Around 1.5 per cent per conversion at the banks our clients use |
| Fund management fee | Charged inside the fund, daily, and deducted from the unit price rather than invoiced |
| Withholding on the gain at exit | Applied to the lira gain when the plan is exited at year three, at the rate in force for the holding period |
| Entry deduction, if any | Depends on the pension company and the plan; it should be confirmed in writing before the contribution is paid |
| Notary, translation and apostille | Per document, for every family member |
| Legal fee | Quoted for your family once we have seen the file |
The state contribution paid into Turkish pension plans is directed at contributors within the Turkish system and should not be assumed to apply to a non-resident foreign investor. Confirm your position with the pension company before relying on it.
Risks
The fund holds gold priced in lira. Your result therefore depends on the gold price in dollars and on the exchange rate, and the two do not move independently: a falling lira raises the lira gold price, which raises the taxable lira gain even where the dollar value has not moved. The tax is charged on the lira gain.
The route is chosen after a long rise in the gold price, which is exactly when it is worth saying plainly that the three-year outcome can be negative in dollars. There is no coupon and no interest to cushion it. We set out what two commonly used gold funds actually did over the last three years, and what they have done since January, in Turkish citizenship through gold.
A management fee deducted daily from the unit price never appears on a statement as a charge. Over three years it is a meaningful share of the return, and it should be compared across pension companies before the contribution is made.
In numbers
USD 500,000 allocated to a gold fund for three years. What determines the dollar outcome:
| Element | Effect on the dollar outcome |
|---|---|
| Entry conversion | Spread paid once, on the full capital |
| Gold price in year three | The main driver of the result, in either direction |
| USD/TRY in year three | Determines the lira gain, and therefore the tax, as well as the exit conversion |
| Withholding on the lira gain | Charged on the lira figure, not the dollar figure |
| Fund management fee | Deducted daily from the unit price across the whole term |
The gold fund calculator lets you set the gold price and the exchange rate at exit and returns the dollar result after withholding and both spreads, along with the break-even gold price at your chosen exchange rate.
Set the gold price and the exchange rate you expect in year three and see the dollar outcome after withholding on the lira gain and after both conversions. The break-even gold price is shown for the rate you choose.
Open the calculatorQuestions
You contribute USD 500,000 to a private pension plan within the Turkish system, commit in writing to remain for three years, and the Insurance and Private Pension Regulation and Supervision Authority certifies the investment. The citizenship application is then lodged on that certificate.
Yes. The contribution is allocated to funds within the plan, and gold funds are the allocation most citizenship applicants choose because the holding then tracks the gold price rather than lira interest.
No. You hold units in a fund whose value follows the gold price. There is no bullion to store, insure or transport.
Withholding is applied to the gain when the plan is exited, and the gain is calculated in lira. A falling lira can therefore raise the tax even where the dollar value of the holding has not risen.
Fund switches within the plan are generally possible, subject to the pension company's rules. The three-year commitment attaches to remaining in the system, not to a single fund.
The units are sold within the plan and the proceeds are released to you after withholding. The citizenship already granted is not affected.
It has more upside and more downside. A deposit returns a defined sum; a gold fund returns whatever gold is worth in year three, and gold can fall.
It should not be assumed. The state contribution is directed at contributors within the Turkish system, and your own position needs to be confirmed with the pension company before you rely on it.
Not all of them, and their fund menus and fee structures differ. The company is chosen for its fund options and for its experience with certification, which is part of what we do at the outset.
One short visit for fingerprints is normally enough. The pension contract and the accounts can be handled under a power of attorney.
Our files typically run eight to nine months from application to presidential decree.
The threshold has to be met within a single qualifying category. You cannot add a pension contribution to a property purchase to reach the figure.
Each route returns a different amount of money at the end of the three years, and the gap between them is larger than most investors expect. Our comparison tool sets one exchange rate and one gold price, then shows the after-tax dollar outcome of the bond, deposit and gold fund routes side by side. Compare what each route returns.
Start here
Within one business day you get a written answer from the lawyer who would run your file: whether this route suits you, what it costs in total, and what could go wrong. No brochure, no sales call.
Your details are used only to respond to this enquiry. We do not sell or share enquiry data.
Written and reviewed by Av. Arda Şardağ, Istanbul Bar Association no. 70004 · last updated 22 September 2026. Thresholds, processing times and tax rules change; this page is checked periodically.
Tell us your budget and deadline. Within one business day the lawyer who would run your file writes back personally — whether it is realistic, what it costs in total, and which districts fit. No brochure, no sales call.
Your details are used only to respond to this enquiry.