Foreign investment in air transport is prohibited, except through a limited liability company in which at least two-thirds of the capital is Norwegian and all board members are Norwegian. EU and EFTA investors are exempted based on the EEA agreement.
"§ 1-1. General scope of the Act
Aviation can only take place here in the kingdom in accordance with this law and regulations issued pursuant to the law.
For aviation covered by the provisions of the EEA Agreement, the rules on completion and implementation of the EEA Agreement in the field of aviation in this Act apply before the other provisions of the Act.
[...]
§ 3-2. Nationality conditions not covered by the EEA Agreement in the field of aviation
An aircraft can only be registered when it has a Norwegian owner, unless otherwise provided by rules in this Act, cf. in particular § 16-1 . Norwegian is considered:
1. the Norwegian state and facilities controlled by the state,
2. Norwegian municipalities,
3. Norwegian citizens,
4. foundations that have an entirely Norwegian board based in Norway,
5. associations, cooperatives and similar associations that have an entirely Norwegian board based in Norway, and where at least two thirds of the members are Norwegian citizens or equivalent to such under this section
6. joint stock companies or public limited companies that have an entirely Norwegian board based in Norway, and where Norwegian citizens or someone equally equated under this section own shares corresponding to at least two thirds of the share capital and may exercise voting rights in the company's general meetings with at least two thirds of all votes,
7. other companies which consist exclusively of Norwegian citizens or any equivalent under this section.
When the circumstances so require, the Ministry may allow a vessel to be registered, even if the owner does not meet the conditions pursuant to the first paragraph.
[...]
§ 8-3. Requirements for Norwegian nationality
A license to operate scheduled services exclusively within the realm can only be granted to someone who according to § 3-2 is considered Norwegian.
If the licensee no longer fulfills the conditions pursuant to the first paragraph, the license lapses, unless the matter is rectified within a deadline set by the relevant ministry.
When special reasons justify it, the King may make exceptions to what is stipulated in this section.[...]" (Aviation Act (LOV-1993-06-11-101), last amended 01.01.2021, §§ 1-1, 3-2 and 8-3 [google translation])
Aviation Act (LOV-1993-06-11-101), last amended 01.01.2021, §§ 1-1, 3-2 and 8-3
[<a href="https://lovdata.no/dokument/NL/lov/1993-06-11-101">Act</a>]