Turkish Citizenship by Investment BES: Allianz Funds and Best Portfolio Strategy (2026 Guide)

What is Turkish Citizenship by Investment BES?

Turkish citizenship by investment BES (Private Pension System) is a program that allows investors to obtain Turkish citizenship by investing a minimum of USD 500,000 into government-regulated pension funds in Turkey.

Under this system:

• The investment must be maintained for 3 years

• Funds can be allocated across different pension fund types

• Portfolio allocation can be adjusted over time

Due to its flexibility and security, Turkish citizenship by investment BES has become one of the most preferred investment routes in Turkey.

Allianz Pension Funds for Turkish Citizenship by Investment BES

Allianz offers a wide range of pension funds that can be used within the Turkish citizenship by investment BES program.

Main Fund Categories:

• Money Market Funds (AZL) – Low risk and stable returns

• Gold Funds (AMZ) – Protection against inflation and currency fluctuations

• Equity Funds (HSR / AZH) – Higher growth potential

• Fund Basket Options (AUA, FOA, HFS) – Diversified exposure

• Bond Funds (AZK) – Fixed income strategies

Annual management fees typically range between 0.75% and 2%, depending on the fund structure.

Restricted Funds in Turkish Citizenship by Investment BES

The following funds are not eligible under the Turkish citizenship by investment BES program:

• AZD – Birinci Karma Emeklilik Yatırım Fonu (First Balanced Pension Investment Fund)

• AUG – Değişken Emeklilik Yatırım Fonu (Flexible / Variable Pension Investment Fund)

• ALR – Karma Emeklilik Yatırım Fonu (Balanced Pension Investment Fund)

• YZD – Teknoloji Sektörü Fon Sepeti Emeklilik Yatırım Fonu (Technology Sector Fund Basket Pension Investment Fund)

• AZY – Tarım ve Gıda Fon Sepeti Emeklilik Yatırım Fonu (Agriculture and Food Fund Basket Pension Investment Fund)

  
  

Selecting these funds may result in rejection of the conformity certificate required for Turkish citizenship by investment BES.

Why Allianz Recommends a Conservative Portfolio

For Turkish citizenship by investment BES, Allianz typically recommends:

• 70% Money Market

• 20% Gold

• 10% Equity

  
  

This conservative allocation is designed to:

• Minimize volatility

• Protect investors from short-term losses

• Ensure regulatory compliance

  
  

Under Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu (SEDDK – Turkish Insurance and Private Pension Regulation and Supervision Agency), financial institutions generally prefer low-risk portfolio structures.

Is This Strategy Suitable for Every Investor?

Not necessarily.

While this model works as a default structure, many international investors applying for Turkish citizenship by investment BES prefer a different allocation strategy.

Global investors often:

• Think in foreign currency terms

• Seek protection against exchange rate risk

• Prefer gold as a hedge

Best Portfolio Strategy for Turkish Citizenship by Investment BES

The most effective approach in Turkish citizenship by investment BES is building a balanced portfolio.

Suggested Portfolio Models:

Conservative Model

• 70% AZL – Para Piyasası Emeklilik Yatırım Fonu (Money Market Pension Investment Fund)

• 20% AMZ – Altın Emeklilik Yatırım Fonu (Gold Pension Investment Fund)

• 10% HSR – Hisse Senedi Emeklilik Yatırım Fonu (Equity Pension Investment Fund)

  
  

Balanced Model (Recommended)

• 40% AZL – Para Piyasası Emeklilik Yatırım Fonu (Money Market Pension Investment Fund)

• 40% AMZ – Altın Emeklilik Yatırım Fonu (Gold Pension Investment Fund)

• 20% HSR – Hisse Senedi Emeklilik Yatırım Fonu (Equity Pension Investment Fund)

  
  

Growth-Oriented Model

• 20% AZL – Para Piyasası Emeklilik Yatırım Fonu (Money Market Pension Investment Fund)

• 60% AMZ – Altın Emeklilik Yatırım Fonu (Gold Pension Investment Fund)

  
  

These portfolio strategies allow investors to balance stability, protection, and growth under the Turkish citizenship by investment BES program.

Flexibility of Turkish Citizenship by Investment BES

One of the main advantages of Turkish citizenship by investment BES is flexibility:

• Investors can switch funds up to 12 times per year

• Portfolio allocation can be adjusted based on market conditions

Security of Turkish Citizenship by Investment BES

All investments are:

• Held under Takasbank custody

• Regulated by Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu   (SEDDK - Turkish Insurance and Private Pension Regulation and Supervision Agency)

This ensures a high level of security and transparency for investors.

IGA Law Firm’s Contribution

IGA Law Firm provides full legal and strategic support for clients applying for Turkish citizenship by investment BES.

Our services include:

• Structuring the most suitable investment portfolio

• Coordinating with pension companies

• Managing the conformity certificate process

• Handling residence permit and citizenship applications

• Providing compliance support during the 3-year holding period

We combine legal expertise with investment strategy to ensure a smooth and secure process.

Conclusion

Turkish citizenship by investment BES is one of the most secure, flexible, and efficient pathways to obtain Turkish citizenship.

Success depends on:

• Choosing the right portfolio strategy

• Understanding investor-specific goals

• Working with experienced legal professionals