Investment by non-EU persons, whether directly or indirectly, in air transportation services firms in Croatia is limited to 49% of the voting and controlling rights.
"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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"Article 22
(1) Commercial air transport, other commercial operations and non-commercial operations may be performed only by those undertakings that meet the conditions established by regulations adopted on the basis of this Act or EU regulations and who have licenses, certificates or approvals when required by those regulations. [...]" (Air Traffic Act (NN 69/2009; 9 June 2009), as amended by the Act on Amendments to the Air Traffic Act (NN 127/2013; 10 October 2013), Article 22 [google translation])
Regulation (EC) No 1008/2008 on common rules for the operation of air services in the Community, Article 4(f)
Air Traffic Act (NN 69/2009; 9 June 2009), as amended by the Act on Amendments to the Air Traffic Act (NN 127/2013; 10 October 2013), Article 22
[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02008R1008-20201218">Reg</a>],[<a href="https://narodne-novine.nn.hr/clanci/sluzbeni/2009_06_69_1663.html">Act</a>],[<a href="https://narodne-novine.nn.hr/clanci/sluzbeni/2013_10_127_2757.html">Act</a>]