A new tax treaty between Serbia and Singapore will enter into force 1-1-22. It will offer an exemption from Serbia dividend withholding tax for dividend payments to the Government of Singapore, including entities and other statutory bodies wholly owned by the Government.
It is interesting to see that special purpose investment funds or arrangements are defined as being in scope of the exemption. A detailed list of entities is being mentioned. Serbia is currently classified as a Europe / CIS Frontier Market by MSCI https://www.msci.com/market-classification
Link to the new treaty: