What are the ‘Dubai Papers’ and why the case already impacts Colombia after the seizure of luxury hotels in Cartagena

TL;DR

The ‘Dubai Papers’ scandal has led to the seizure of five luxury hotels in Cartagena, Colombia, linked to Belgian aristocrat Henri de Croy.
The case highlights a global shift in investigating tax evasion and money laundering, focusing on the 'economic substance' of financial structures rather than their legal appearance.
Authorities are now examining where decisions are made, value is generated, and if there is real money traceability, not just legal existence of companies.
International networks allegedly used offshore societies, trusts, and financial vehicles in jurisdictions like Dubai, Switzerland, and Luxembourg.
The investigations reveal sophisticated methods to move assets, hide wealth, and facilitate tax evasion and money laundering.
Colombia's tax authority (DIAN) is increasingly connecting tax issues with beneficial ownership analysis, international information exchange, and economic substance.
Many structures that appeared normal a decade ago may now pose significant tax contingencies.
Post-2008 financial crisis, Europe tightened fiscal controls, leading schemes to migrate to less transparent jurisdictions like the UAE.

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