In the case of Cyprus, it's a waste of time and money because Cyprus does not care. They don't even bother people who form offshore companies with themselves as directors and shareholders.
Setting up and office and hiring people in Cyprus is for when you want the opposite: when you want the company to be tax resident in Cyprus. This can be useful if the UBO lives in a jurisdiction with high taxes and aggressive tax authority. In the case described︀ here, it adds no value (just costs and taxes).
Setting up and office and hiring people in Cyprus is for when you want the opposite: when you want the company to be tax resident in Cyprus. This can be useful if the UBO lives in a jurisdiction with high taxes and aggressive tax authority. In the case described︀ here, it adds no value (just costs and taxes).
