The analysis was concluded based on the active companies in Romania that have among their shareholders at least one offshore company.

The results show that in 2015 there were over 5,300 such companies, with a total turnover of EUR 48 billion. The amount represented 20% of the total national turnover.

Most of them were active in fields such as real estate transactions (office buildings, malls), in retail, manufacturing industry, and IT.
Also, most of them were multinationals, according to the Keysfin analysis. More than 80% of these companies were connected to European countries with a lax tax system such as Cyprus, the Netherlands, Malta, and Luxembourg. (source: