TLDR:
Bireysel Katılım Yatırımcısı (BKY) is Türkiye’s licensed angel investor program, providing significant tax incentives to individual investors who invest in qualifying early-stage Turkish startups. The program was launched in 2013 under Ministry of Treasury and Finance regulation as Türkiye’s primary angel investment incentive, and remains the principal vehicle for tax-advantaged angel investing in Türkiye.
BKY License Requirements
To qualify as a BKY, individual investors must meet specific criteria and obtain a BKY license: minimum personal financial threshold (current values: TL 200,000+ in net financial assets or TL 200,000+ annual gross income), educational and professional experience requirements (university degree plus 2 years business management experience, or 5 years professional experience), passing a knowledge assessment, and other ministry-defined criteria. The license is obtained through the Bireysel Katılım Yatırımcısı Lisans Belgesi from the Hazine ve Maliye Bakanlığı.
Tax Advantages
BKY investors can deduct up to 75% of their investment from their income tax base in the year of investment, with deduction limits per investment and per year (current limits subject to periodic adjustment). For “advanced/intensive” investments (büyük melek yatırımcı), the deduction can reach 100%. The deduction is taken against ordinary income tax (currently up to 40% rate), so the actual cash benefit is 30-40% of the investment for typical high-bracket investors. Specific holding period requirements (2 years minimum) and other conditions apply to retain the tax benefit.
Qualifying Investments and Program Impact
Qualifying investments must be in Turkish “Girişim Şirketi” status companies—size limits (under TL 100M revenue, under 250 employees), age limits (less than 7 years old typically), and operational requirements (active operations, not pre-revenue). Investments must be primary issuances (new shares for the startup). The BKY program has been particularly important for Turkish tech ecosystem development, channeling capital from Turkish UHNW individuals (often successful first-generation founders) into next-generation startups. As of 2024-2025, the program had over 1,000 licensed BKYs collectively investing meaningful capital into Turkish startups. GSYF investments offer parallel but distinct tax advantages for those who prefer fund-mediated exposure.