Anonymous Spain Company

Hello!

So in spain there is a law which states that if you own less than 24% shares of a company your name doesnt have to be public, even for the goverment. So if you would set up a offshore comapny with 5 shareholders each less than 24%, and this comany would own 100% of the shares of the spanish company, you re basically anonymous. You just need a director.

Is anyone familiar with this set-up and can tell me more about it by any chance.