We assess Euro Area financial integration correcting for the role of “onshore offshore financial centers” (OOFCs) within the currency union. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as hubs of investment fund intermediation and centers of securities issuance by foreign firms. We provide new estimates of Euro Area countries’ bilateral external portfolio investments which look through both roles, attributing the wealth held via investment funds to the underlying holders and linking securities issuance to the ultimate parent firms. Our estimates show that the Euro Area is less financially integrated than it appears, both vis-à-vis the rest of the world and within the union. Portfolio exposures of the Euro Area to other major economies such as the United States and to foreign currency assets are nearly halved in size. While official data suggests a sharp decline in portfolio home bias among Euro Area countries relative to global trends following the introduction of the euro, we demonstrate that this pattern only remains true for bond portfolios, while it is artificially generated by OOFC activities for equity portfolios. We link these dynamics to investors’ preferences toward debt assets denominated in their home currency, with an important role of the common currency in capital market integration.