Alternative investment instruments in Turkey offer lucrative opportunities for foreign investors seeking portfolio diversification and long-term returns. These include Real Estate Investment Trusts (GYO), Venture Capital Investment Trusts (GSYO), and investments in gold and other precious metals. However, entering these markets requires strict compliance with Turkish legal regulations, particularly those set by the Capital Markets Board of Turkey (Sermaye Piyasası Kurulu – SPK).
This guide outlines the legal framework, licensing requirements, and step-by-step process that foreign investors must follow to invest in these instruments legally and efficiently.
1. Legal Basis for Alternative Investments
The regulatory foundation for alternative investment instruments in Turkey is provided by:
- Capital Markets Law No. 6362
- SPK communiqués on REITs, GSYO, and investment funds
- Borsa İstanbul listing rules for publicly traded securities
- Precious Metals Exchange (Istanbul Gold Exchange) regulations
Foreign investors are legally permitted to participate in these markets, provided they operate through SPK-licensed intermediaries such as brokerage houses, portfolio management companies, or banks authorized for precious metals trading.
2. Real Estate Investment Trusts (GYO)
GYOs are companies that invest in real estate projects, rental income assets, and related securities. Key points for foreign investors:
- Shares are publicly traded on Borsa İstanbul.
- Investments are made by purchasing GYO shares via an SPK-licensed broker.
- No direct property purchase is required; ownership is via publicly listed shares.
- Dividends may benefit from favorable tax treatment depending on Double Taxation Agreements (DTAs) between Turkey and the investor’s home country.
3. Venture Capital Investment Trusts (GSYO)
GSYOs focus on funding start-ups, innovative projects, and high-growth potential companies. For foreign investors:
- Participation occurs through buying GSYO shares listed on Borsa İstanbul.
- Investors gain exposure to venture capital without direct involvement in company operations.
- Legal obligations include account opening with an SPK-licensed intermediary and compliance with disclosure rules.
4. Gold and Precious Metals Investments
Turkey has a well-regulated precious metals market, offering investment opportunities in gold, silver, platinum, and palladium:
- Foreign investors can purchase bullion, coins, or trade precious metals through authorized banks and exchange members.
- The Istanbul Precious Metals and Diamond Market oversees such trades.
- Gold-backed exchange-traded funds (ETFs) are also available via Borsa İstanbul.
5. Step-by-Step Legal Process for Foreign Investors
a) Select an SPK-Licensed Intermediary
Choose a licensed brokerage, bank, or portfolio management company authorized for REIT, GSYO, or precious metals transactions.
b) Obtain a Turkish Tax Identification Number
This is mandatory for opening investment accounts.
c) Open an Investment Account
The account must be with an SPK-authorized entity.
d) Complete KYC and AML Procedures
Provide valid ID, proof of address, and pass due diligence checks.
e) Funding and Currency Conversion
Funds can be transferred in foreign currency and converted into Turkish Lira or USD/EUR for relevant trades.
f) Execution of Trades
Place orders for GYO or GSYO shares through Borsa İstanbul, or purchase precious metals through authorized channels.
6. Taxation and Repatriation of Profits
- GYO and GSYO: Capital gains from share sales may be exempt for non-residents under DTAs.
- Precious Metals: Physical gold investments may have different VAT or withholding tax rules, depending on the form and transaction type.
- Profits can be freely repatriated abroad, subject to proof of tax compliance in Turkey.
7. Compliance Tips for Foreign Investors
To ensure a smooth investment process:
- Always verify the intermediary’s SPK license.
- Understand the risks of market volatility, especially in GSYO and gold prices.
- Keep updated with SPK announcements and tax rule changes.
- Maintain complete transaction records for both Turkish and home-country reporting obligations.
Conclusion
The alternative investment instruments in Turkey—including REITs, GSYO, gold, and precious metals—offer foreign investors a regulated, transparent, and potentially profitable market environment. With the right legal guidance, proper intermediary selection, and strict adherence to SPK rules, foreign investors can access these assets securely while benefiting from Turkey’s dynamic financial ecosystem.
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