Airlines established in Sweden must be majority owned and effectively controlled by EU states and/or nationals of EU states, unless otherwise provided for through an international agreement to which the EU is a signatory.
"Article 4 - Conditions for granting an operating licence:
An undertaking shall be granted an operating licence by the competent licensing authority of a Member State provided that:
[...]
(f) Member States and/or nationals of Member States own more than 50 % of the undertaking and effectively control it, whether directly or indirectly through one or more intermediate undertakings, except as provided for in an agreement with a third country to which the Community is a party; [...]"
(Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f))
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"Chapter 7 - Permission to operate aviation
Section 3:   
An operating permit may only be granted to
   1. the Swedish state,
   2. Swedish municipalities or regions,
   3. citizens of a country within the European Union (EU country) that is domiciled in Sweden or to the estate of such a person,
   4. Swedish trading companies that only have members who are citizens of an EU country,
   5. Swedish associations, societies or foundations, which on the board only have members who are citizens of an EU country,
   6. Swedish limited companies, if the majority of the capital value and the voting value is owned by citizens of an EU country or by someone who can obtain a permit in accordance with this section,
   7. European economic interest groups that have their registered office in Sweden.
If the owner of a limited liability company that applies for a permit according to this section is another limited liability company, what is said in the first paragraph 6 shall also apply to that company.
A permit expires if the requirements in the first and second paragraphs are no longer met and correction is not made within the time determined by the authority that issued the permit.
The government or the authority designated by the government may, if there are special reasons, in an individual case decide on exemptions from this section."
(Aviation Act (2010:500), last amended 15.10.2020, Chapter 7 Section 3 [google translation])
Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f)
Aviation Act (2010:500), last amended 15.10.2020, Chapter 7 Section 3
[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02008R1008-20201218">Regulation</a>],[<a href="https://www.riksdagen.se/sv/dokument-lagar/dokument/svensk-forfattningssamling/luftfartslag-2010500_sfs-2010-500">Act</a>]