Vista Rica: Inside the investment fund of Serbia's elite

"A 2022 change to Serbia's Law on Personal Income Tax allows high-earners to pay up to half of their annual tax obligation into an AIF instead of into the state coffers. The government says that the aim was to stimulate investment. Critics say it significantly reduces the amount of tax paid by wealthy investors."

"According to a 2025 report by Serbian investigative journalists at the Serbian weekly news magazine Radar, two of the three shareholders in the management company that runs the Vista Rica fund and many of those who invest in it have links to people close to Serbian President Aleksandar Vucic and his ruling Serbian Progressive Party (SNS)."

"The journalists say that the list of investors includes not only senior SNS politicians, but also businessmen and companies that have benefited from major state tenders as well as entrepreneurs whose business expansion coincided with the SNS coming to power in 2012."

Serbia's Alternative Investment Fund (AIF) system, particularly the Vista Rica fund established in 2023, has become the center of corruption investigations. A 2022 change to Serbia's Personal Income Tax Law permits high-earners to pay up to half their annual tax obligations into AIFs rather than state coffers, ostensibly to stimulate investment. However, investigative reports reveal that Vista Rica's shareholders and investors have significant connections to Serbian President Aleksandar Vucic and his ruling Serbian Progressive Party. The investor list includes senior SNS politicians, businessmen who received major state contracts, and entrepreneurs whose business expansion coincided with the SNS's 2012 rise to power. These revelations suggest the AIF system disproportionately benefits the country's political and business elite.

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