This is the fight between Spain, Colombia, and a private company over billions of dollars sunk at sea.

Spain, Colombia, and the private U.S. company Sea Search Armada are fighting over billions of dollars found underwater. This treasure is from the Galleon San José, a Spanish ship that was sunk off the coast of Cartagena, Colombia, in 1708 during the Battle of Barú.

The ship was built to join the fleet of vessels transporting treasure from the Spanish colonies in the Americas to Spain . The San José Galleon carried a cargo that included coins, emeralds, silver, jewels, and other objects with a total value of between $18 and $20 billion.

However, during the War of the Spanish Succession (1701-1715), the ship was attacked by the British Navy, resulting in its sinking. Three hundred years later, in 2015, the remains were located in Colombian waters, sparking a dispute over the wreck between Spain, Colombia, and the American company Search Armada.

Spain argues that the ship is protected by the principle of sovereign immunity , which grants it ownership of its cargo, regardless of where it is located. Colombia, on the other hand, argues that the wreckage is located within its Exclusive Economic Zone , and therefore the treasure belongs to it.

However, this is where the economic question and the role of private companies come into play. The private US salvage company Sea Search Armada maintains that, without private capital investment, no country will carry out a extraction valued at hundreds of millions of dollars. Sea Search relies on the Free Trade Agreement between Colombia and the United States and demands half of the loot as a profit , citing the need to locate the treasure and claim investor rights.

José Montero, an international law expert and CEO of Montero de Cisneros Abogados, examines the legal complexity of this situation. "National interests, private claims, and an interpretation of international law come together," he comments. He also points to Spain's strong position , since "it has solid legal arguments to claim ownership of the wreck as a state vessel protected by sovereign immunity and the UNESCO Convention."

The solution , for Montero, lies in recognizing Colombia's rights and creating a bilateral commission that "guarantees the joint preservation, research, and dissemination of this universal heritage, excluding any commercial exploitation and prioritizing its cultural and scientific value."