The paper deals with the topic of free movement of capital in the case of golden share. The purpose of thesis is to theoretically explain the issue of golden share with the practices of the Court of the European Union in the context of free movement of capital and explore its admissibility and limitations. The paper shows the process of harmonization of Croatian and Europcan acquisition regarding the free movement of capital. The paper uses available domestic and foreign law and economic literature, and the methodology is based on the processing and analysis of secondary data sources. It was concluded that the Member States have implemented laws that oppose the free movement of capital, but in only one judgment, the Court dismisoed the claim of the Commission and found that legislation of a Member State that were applied do not constitute a violation of the freedom of movement of capital. The Croatian experience does not recognize the concept of golden shares in the strict sense and only three companies arc regulated by the special rights of the state that are in the sphere of rights arising from the golden share. Some decisions of the Republic of Croatia in these companies bring more of their own interests than the interests of shareholders and the community in general.