Investment by non-EEA investors is limited to minority ownership participateion (up to 49%).
"Article 4 - Air traffic in the airspace of the Republic of Albania
The following are allowed to use the airspace of the Republic of Albania:
a) aircraft registered in the Republic of Albania;
b) state aircraft of the Republic of Albania;
c) aircraft registered in a member state of the European Union or a state party to the multilateral agreement on the establishment of the European Common Aviation Area, as defined in this agreement;
ç) aircraft registered in another country, which is not a party to the multilateral agreement, but operating on the basis of other international agreements on air services.
[...]
Article 20 - Conditions for granting the operating license
1. An enterprise has the right to be provided with an operating license, according to Article 19 of this Code, if it meets the following requirements:
a) the main place of activity is the Republic of Albania;
b) possesses a valid air operator's certificate (AOC), issued according to Article 22 of this Code;
c) has one or more aircraft available, through ownership or aircraft lease agreement without personnel and insurance (dry lease);
ç) is registered in the national commercial register with the main object of activity being air transport or air transport combined with any other commercial operation of aircraft, or air transport combined with aircraft repair and maintenance;
d) its organizational structure enables the competent licensing authority to implement the provisions of this Code and the by-laws in its implementation for the operating license;
dh) the Albanian state and/or its citizens own more than 50% of the enterprise and effectively control it, directly or indirectly, through one or more intermediate enterprises, unless otherwise provided in a agreement with another state, where the Albanian state is a party, or the state of the ZPEA or citizens of the states of the ZPEA, according to the provisions of the multilateral agreement, own and continue to own more than 50% of the enterprise and effectively control it , directly or indirectly, through one or more intermediary enterprises, except when it is provided otherwise in an agreement with a country outside the ZPEA, in which the Albanian state or the European Union is a party;
e) proves that it has sufficient financial power to carry out its activity;
ë) prove sufficient insurance coverage in case of accident, especially for passengers, baggage, cargo, mail and third parties;
f) proves that the persons who will manage the company effectively and continuously have a good reputation or have not been officially declared bankrupt.
2. The detailed requirements for granting the operating license for the performance of air services are approved by decision of the Council of Ministers, with the proposal of the minister responsible for transport.
[...]
Article 23 - Foreign air carriers
1. Foreign air carriers to perform air services are provided with a permit from the CAA. For the granting of the permit, the conditions defined in the bilateral agreement between the Republic of Albania and the relevant state, or in any multilateral agreement on air services, are taken into account.
2. The rules for granting permission to foreign air carriers are determined by a regulation approved by the minister.
[...]
Article 30 - Aircraft registration
1. The country of registry is the country in whose registry the aircraft is registered.
2. CAA maintains the registry of civil aircraft of the Republic of Albania.
3. The aircraft is registered in the Republic of Albania only if:
a) is not registered in another country;
b) is owned by:
i. of persons with Albanian citizenship, persons with citizenship of a member state of the multilateral agreement, but who have a permanent residence permit in the Republic of Albania;
ii. of an enterprise, which has its main place of activity in the Republic of Albania, with the main object of activity being air transport;
iii. of a company formed in accordance with the law of a member state of the European Union, or of a state party to the multilateral agreement, whose registration, central administration or main place of activity is located in that state.
c) is dry leased from an air operator certified by CAA.
4. The operator of the aircraft may be registered in the register instead of the owner, if he fulfills the requirements for registration, except for ownership.
5. In special circumstances, CAA may allow exceptions to the requirements of this article.
6. The Minister, in accordance with international obligations, approves the regulation for determining the detailed rules for the requirements, content and procedures of the register, as well as for the special circumstances provided for in point 5 of this article. [...]" (Law No. 96/2020 AIR CODE OF THE REPUBLIC OF ALBANIA [google translation])
Law No. 96/2020 AIR CODE OF THE REPUBLIC OF ALBANIA [google translation]
[<a href="http://qbz.gov.al/eli/ligj/2020/07/23/96">Law</a>],[<a href="https://www.kalo-attorneys.com/wp-content/uploads/2020/08/newsletter-16-New-Albanian-Air-Code-Adopted-to-Reflect-EU-and-ICAO-Requirements.pdf">Other</a>]