Abstract
Despite the efforts of major intergovernmental organizations in the last decades, most notably the International Civil Aviation Organization (ICAO), restrictions on foreign ownership and control rules at national and international levels still hinder airlines from increasing their liquidity by negotiating equity interests with foreign investors. The relaxation of such restrictions is an important issue for airlines worldwide. This article seeks to explain how Brazil paved the way towards liberalization of foreign ownership and control of national airlines, which has resulted in the current rule, which allows any foreign investor to own up to one hundred percent of the shares of a Brazilian airline. Brazilian airlines, foreign investment, nationality rule, ownership and control, air services agreements
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