Ecuadorian man bought 14 houses in Portugal with contagious money

The former manager of Ecuador's state oil company is accused of corruption and purchasing real estate in Lisbon and Cascais worth 8 million euros. Former Petroecuador oil company executive Nielsen Arias is accused of corruption and money laundering in the US and is currently under investigation in Ecuador. He is known to have spent around €8 million to buy 14 houses in Lisbon and Cascais, allegedly using corrupt means. Through these deals, he was able to obtain Portuguese citizenship for one of his children under the golden visa program.

According to official documents

Arias' wife bought two apartments (a one-bedroom and a two-bedroom) in the Paço do Lumiar residential complex in Lisbon in 2015 for 605,000 euros to qualify for a golden visa. By purchasing real estate in Lisbon and Cascais, Arias's brother and one of his sons obtained Portuguese citizenship thanks to a family association granted under the golden visa program, according to Expresso newspaper, which, along with Ecuadorian newspaper El Universo, investigated the case.

The real estate wasn't Arias' only business, however.

The same publication writes that after Arias left Petroecuador in 2018, a new wave of real estate purchases began. In total, Arias and his wife purchased €8 million worth of real estate in Portugal over the course of six years. The acquisitions include six apartments in a building on São José Street in Lisbon, a house with a swimming pool on Quinta da Marinha, apartments and a store in a building next to the Jardim da Estrela park, also in the capital.

Many of these properties, acquired with allegedly corrupt funds, have been sold. Arias currently owns three apartments near Jardim da Estrela Park and six floors on São José Street, which are in the names of his wife and son.