Spain steps up scrutiny of foreign assets as police conduct large-scale raids on luxury villas in Mallorca linked to a Russian businessman. This event could influence the way authorities verify the origins of major real estate investments, especially in regions where demand for high-end housing is strong. Such cases are attracting greater attention amid tighter sanctions and new EU regulations.
According to El Pais, on Monday afternoon dozens of National Police officers arrived at several mansions in the municipality of Calvià, in southern Mallorca. The operation targeted, among others, villas in the areas of Cala Vinyes and Sol de Mallorca—properties considered among the most expensive on the island. Investigators say the houses are registered to relatives of Russian businessman Nikolai Alexandrovich Kolesov, who holds senior positions in Russia’s defense industry and has been under EU sanctions since late 2024.
The investigation began after a publication by a foundation established by Alexei Navalny, which alleged that Kolesov acquired at least five properties in Mallorca. Some of these assets were registered in the names of underage children and other family members, including a sister of retirement age. Previously, the homes belonged to companies linked to the Russian defense sector. El Pais notes that schemes like this may be used to evade sanctions and conceal the true owners of assets.
Family schemes
During the searches, police paid particular attention to properties registered under the name of Kolesov’s four-year-old son and other close relatives. Three villas purchased in 2024 turned out to be registered in the names of children, another under the name of his daughter, and a fifth under his sister’s name. Previously, all these properties belonged to companies producing military equipment and electronics for the Russian army. Investigators believe that changing the ownership may have been an attempt to hide assets from international sanctions.
Official police representatives declined to disclose details of the investigation, citing its confidentiality. It is known that the operation is coordinated by the Main Information Directorate, and all actions are carried out as part of European sanctions against individuals linked to the Russian military sector. EU documents note that Kolesov heads “Helicópteros Rusos JSC,” which supplies equipment to the Russian army and plays a key role in the country’s defense industry.
Sanctions and consequences
The imposition of sanctions against Kolesov and his companies is part of a broader European Union policy to limit Russian businesspeople’s access to European assets. Authorities stress that such measures aim to protect the territorial integrity of Ukraine and prevent the financing of military operations. EU documents state that “Helicópteros Rusos JSC” provides the Russian army with equipment used in the conflict on Ukrainian territory.
Kolesov’s biography is closely linked to the Russian public sector: he served as a deputy in Tatarstan, then as governor of Amur Oblast, and later headed major defense enterprises, including Kret and Elekon Plant JSC. The latter company previously owned one of the villas in Mallorca, which was subsequently re-registered under Kolesov’s child. Since 2021, he has held the position of CEO at Helicópteros Rusos JSC.
Context and trends
In recent years, there has been a rise in investigations in Spain related to real estate acquisitions by foreigners under sanctions. In 2025, authorities already blocked several high-end property deals on the coast when it was revealed that the ultimate owners were connected to Russian business or politics. Such measures are becoming increasingly common amid tighter financial oversight and efforts to combat money laundering. Analysis by russpain.com points to a growing number of real estate transaction checks, especially in regions with a high share of foreign investors.
Between 2024 and 2026, Spain has repeatedly conducted searches and seized assets tied to citizens of countries under EU sanctions. In Marbella and Alicante in particular, there have been cases where luxury homes were registered to front persons or relatives to avoid asset freezes. These incidents highlight the importance of transaction transparency and the need for continuous monitoring of fund origins in real estate purchases.
