The international scandal known as the “Dubai Papers,” a leak of documents concerning alleged tax evasion and money laundering operations in Europe and the Middle East, is now directly impacting Colombia.
The investigation, which for years tracked offshore financial structures and multimillion-dollar capital movements, ultimately led to Cartagena de Indias, where Colombian authorities seized several luxury hotels linked to Belgian aristocrat Henri de Croÿ, known in Belgium as the “black prince.”
The Special Assets Society (SAE) took control of five boutique hotels and other assets located in Cartagena and Baru after the Attorney General’s Office ordered precautionary asset forfeiture measures as part of an investigation into alleged illicit activities and a possible financial network originating in Europe.
The case once again placed Colombia’s role within complex international capital management structures under scrutiny, particularly in sectors such as real estate and tourism.
How the ‘Dubai Papers’ scandal reached Colombia
The international investigation known as the “Dubai Papers” exposed a network of offshore companies and financial mechanisms allegedly used to conceal assets and move funds beyond the reach of European tax authorities.
The leaked documents, initially published by the French magazine Le Nouvel Obs, mentioned operations related to the Helin International group and Henri de Croÿ, a Franco-Belgian aristocrat who has lived between Europe and Colombia for years.
According to the journalistic and judicial investigations known so far, part of that network became linked to real estate and hotel investments in Cartagena de Indias.
Colombian authorities maintain that several properties were allegedly acquired through companies registered in Panama, the British Virgin Islands, and the United Arab Emirates, structures that are now under review as part of the asset forfeiture proceedings.
Among the seized assets are luxury boutique hotels located in Cartagena’s historic center and in Baru, one of the most exclusive areas of the Colombian Caribbean.
The SAE assumed control of establishments such as Hotel Casa Baru, Casa Cordoba Estrella, Casa Cordoba Roman, Casa Cordoba Cabal, and Casa Cordoba Cuartel, in addition to commercial companies and vehicles associated with the operation.
The ‘black prince’ and his ties to Colombia
Henri de Croÿ is a descendant of one of Europe’s oldest aristocratic families. However, in Belgium his name became associated with investigations related to alleged tax fraud and money laundering.
The European press began referring to him as the “black prince” — a nickname that gained traction and by which he also became known in Belgian society — in the early 2000s amid one of the country’s biggest financial scandals.
Although he was initially convicted in Belgium in 2012 and received a suspended prison sentence, he was later acquitted on appeal in 2015. Even so, international investigations continued and regained momentum after the 2018 “Dubai Papers” leak, when nearly 200,000 internal documents from the Helin Group became public.
The documents include emails, accounting records, bank transactions, internal messages, and corporate files showing how the financial structure linked to De Croÿ operated.
De Croÿ’s history with Colombia dates back to the 1990s. In 1994, he married a Colombian woman — Maria del Socorro Patiño Cordoba — and later obtained Colombian citizenship, which allowed him to consolidate business and social ties in the country.
Over the years, he built a discreet but multimillion-dollar portfolio of luxury properties in Cartagena and Baru, especially focused on boutique hotels and heritage homes aimed at high-end tourism. According to the documents, De Croÿ and his family own properties valued at at least US$16 million in that area of the Colombian Caribbean.
The investigations indicate that several of those acquisitions were allegedly carried out through complex international corporate structures. According to press reports cited by the SAE and Colombian media outlets, some properties were purchased through companies registered in tax havens and later transferred among different corporations.
#EsNoticia 📣 11 bienes en Cartagena y Barú pasan a administración de la SAE.
Hoteles, sociedades y un exclusivo salón de eventos en el Centro Histórico hacen parte de los activos relacionado al llamado ‘príncipe belga’, Henri de Croÿ.
La Sociedad de Activos Especiales asume su… pic.twitter.com/RiUU8QRWMI
— Sociedad de Activos Especiales (@activosSAE) May 14, 2026
Impact on Colombia and the tourism sector
The case has a significant impact on Colombia because it involves assets located in one of the country’s main tourist destinations and revives concerns about the use of the real estate sector for alleged money laundering operations.
For years, Cartagena has been one of the fastest-appreciating markets in the Caribbean, especially in the boutique hotel segment and historic properties within the Walled City.
The intervention of hotels linked to Henri de Croÿ has also raised concerns among tourism business leaders and local authorities due to the possible reputational impact on the luxury real estate market.
Although the investigations are specifically targeting certain business structures, the case once again highlights how international organizations can use tourism investments to move capital of suspicious origin.
Colombia’s Attorney General’s Office maintains that the seizure of the assets seeks to prevent properties under suspicion from continuing to generate profits while the investigations proceed. Meanwhile, the SAE has been placed in charge of managing and preserving the seized properties.
The case file could also open new avenues of judicial cooperation between Colombia and European authorities, especially in Belgium, France, and Switzerland, where investigations related to the Helin International group and the operations revealed in the “Dubai Papers” are still ongoing.