Despite repeated claims by President Aleksandar Vučić and Finance Minister Siniša Mali that Serbia has only “leased” valuable land in central Belgrade to Jared Kushner’s company, newly published documents show that the government granted the property without any payment, effectively gifting the entire complex to the son-in-law of U.S. President Donald Trump.
The full investment contract—published by Radar—details the partnership between the Serbian government and Atlantic Incubation Partners LLC, Kushner’s firm. Within the agreement, the central clause is unambiguous: the 99-year lease carries no fee whatsoever.
This contradicts days of public messaging by Serbian officials, who attempted to frame the arrangement as a standard commercial lease that would “benefit the Serbian people.”
A Lease in Name Only — But Effectively a Gift
Minister Mali insisted publicly that Serbia was “not selling land, only leasing it.”
However, the contract states explicitly:
- The land is given “in lease — without compensation.”
- The basis for the free lease is a government conclusion referencing a cooperation agreement with the UAE, allowing free-of-charge land allocation.
Even more controversially, the document states that Kushner’s company can convert the lease into full ownership as soon as the usage permit becomes legally valid.
This means that a key national cultural monument—the former General Staff complex, bombed in 1999—could end up as privately owned real estate of the Trump family’s business network.
Majority Ownership for Kushner, Minimal Input From Serbia
Under the investment agreement:
- Kushner’s firm receives 77.5% ownership of the joint venture.
- Serbia holds only 22.5%.
- Total founding capital: €10,000, of which Serbia pays €2,250.
In exchange, Serbia must:
- Provide two major cadastral parcels in downtown Belgrade, free of charge, for 99 years.
- Ensure the land is transferred and registered without any legal burdens.
- Fulfill 13 preconditions, including clearing the site and handling permits.
If Serbia fails to meet these obligations by May 2026, Kushner’s company may unilaterally terminate the deal and demand hefty compensation.
Potential Cost to Serbian Taxpayers: Up to €50 Million
The contract caps Serbia’s potential liability at €50 million, meaning Serbian citizens could end up paying tens of millions of euros for a failed deal that gives away public land to a foreign private investor.
Additionally, if Serbia fails to meet the preconditions, Kushner’s company may demand compensation covering:
- All expenses related to acquiring its ownership share
- All costs associated with terminating the contract
- An additional €1 million penalty
Vučić’s Government Under Fire
Critics argue that the government:
- Secretly agreed to give away state land,
- Committed taxpayers to potentially massive financial penalties,
- Undermined national cultural heritage by approving the demolition of a protected site.
Despite this, Serbian officials continue to portray Kushner’s project as a “development opportunity,” while avoiding discussion of the free lease, ownership transfer rights, and financial risks buried in the documents.
Contract Published in Full
Radar has published the complete investment contract, including all appendices, enabling the public to see the extent of the guarantees Vučić’s administration pledged to Kushner’s company.
