Bahamas

2005 INVESTMENT CLIMATE STATEMENT -- Bahamas

Openness to Foreign Investment

The Bahamian Government generally encourages and offers
incentives for foreign investment in all sectors of the
economy except those the Government reserves exclusively to
Bahamian citizens. Reserved businesses include: wholesale
and retail operations; commission agencies engaged in the
import/export trade; real estate and domestic property
management agencies; domestic newspaper and magazine
publication; radio and television stations; domestic
advertising and public relations firms; nightclubs and
restaurants (except specialty, gourmet and ethnic
restaurants and restaurants operating in a hotel, resort
complex or tourist attraction); security services; domestic
distribution and building supplies; construction companies
(except for special structures for which international
expertise is required); personal cosmetics/beauty
establishments; shallow water scalefish; crustacean, mollusk
and sponge fishing operations; auto and appliance service
operations; and public transportation.

Officially, the Government has targeted the following
categories of businesses for foreign investors: tourist
resorts; upscale condominiums; time share and second home
development; international business centers; marinas;
information and data processing services; assembly
industries; high-tech service; ship registration, repair and
other services; light manufacturing for export; agro-
industries; food processing; mariculture; banking and other
financial services; captive insurance companies; aircraft
services; pharmaceutical manufacture; and offshore medical
centers.

Benefits of investing in The Bahamas include: a stable,
democratic government; relief from corporate and personal
income taxes; timely repatriation of profits of approved
investments; proximity to the United States; pre-clearance
facilities in Nassau and Freeport; extensive air links
through nearby Miami, Ft. Lauderdale and Orlando as well as
direct flights to many other U.S. cities; well-developed
telecommunications links; a good pool of skilled
professionals; excellent tourism and conference facilities;
and tariff concessions under the Caribbean Basin Economic
Recovery Act, Canada's CARIBCAN Program, and the European
Union's LOME IV Agreement. The Bahamian dollar is fixed on
par with the United States dollar and the Government is
firmly committed to maintaining this exchange rate.

In practice, the vast majority of successful foreign
investments in The Bahamas have been in the traditional areas
of tourism and banking. The decision-making process within
the Government of The Bahamas is highly centralized and major
investments are subject to review and approval at the cabinet
level. The Government is most interested in investments that
will generate local employment, particularly in white-collar
or skilled jobs. Large-scale projects in areas such as
agriculture may be difficult to staff since low-wage and low-
skill jobs do not appeal to most Bahamians, and because the
Government is reluctant to permit importation of foreign
laborers to staff these jobs, even on a temporary-permit
basis. When new foreign ventures are perceived as
competitors to existing Bahamian businesses or too dependent
on foreign labor, the Government has responded to local
concerns and withdrawn or refused the license of the foreign
business.

In 1993, the Government established The Bahamas Investment
Authority (BIA). It is located in the Ministry of Financial
Services and Investments. BIA is intended to provide a "one-
stop-shop" to assist foreign investors with initial
governmental approval of their investment applications and to
cut through further red tape for approved investments. BIA
is the Government's central point of contact for foreign
investment questions. Potential investors may contact the
BIA at:

Bahamas Investment Authority
P.O. Box N-7770
Nassau, Bahamas
Tel: 1-242-327-5970, fax: 1-242-327-5907
www.opm.gob.bs/bia.php

While The Bahamas has not yet enacted environmental
legislation as extensively as that in the United States, the
BIA still requires a full accounting of the environmental
impact of any industrial or agricultural schemes.

Conversion and Transfer Policies

Persons and corporations resident in The Bahamas are subject
to exchange controls administered by the Central Bank.
Certain commercial banks are authorized to deal in foreign
currency and have authority delegated by the Central Bank to
approve exchanges for certain current account transactions.
Non-resident investors wishing to initiate operations in The
Bahamas must register their operations with the Central Bank.
If their projects are financed substantially by foreign
currency transferred into The Bahamas, they will be given
"approved status," meaning that profits and capital gains can
be converted into foreign currency and repatriated with
minimal formalities. Capital investment into The Bahamas
remains subject to exchange controls, but as a practical
matter these controls have not been known to inhibit
repatriation of approved investment capital. A public debate
about the utility of exchange controls has begun. Proponents
of maintaining some form of control cite the need to retain
sufficient foreign reserves to maintain the currency's one-to-
one parity with the U.S. dollar.

Expropriation and Compensation

Article 27 of the Bahamian Constitution prohibits deprivation
of property except upon the making of prompt and adequate
compensation in the circumstances. There is no evidence that
the Government has ever expropriated a business, and both
major political parties have stated that nationalization will
not be an instrument of Government policy.

Dispute Settlement

There is no history of major investment disputes in The
Bahamas, although smaller contractual and other disputes
between Bahamians and foreign investors or exporters are not
uncommon. The Bahamian legal system is based on English
common law. The judiciary, appointed by the Governor
General, is independent and there is no evidence of
Governmental interference with the system. The highest court
of appeal is the Privy Council in London.

Tentative consideration is being given to the creation of a
Caribbean Final Court of Appeals to replace the Privy
Council. Despite recent efforts to reduce backlogs of
criminal and civil cases, resolution of court cases can be
slow, sometimes taking years. The Court of Appeals, the
country's highest domestic court, has reduced its case
backlog to six months under the leadership of Dame Joan
Sawyer. The Embassy has received some complaints of
allegedly biased judges and malfeasance by attorneys. The
Embassy has also received reports of local defendants evading
payment of Bahamian civil judgments or deliberately dragging
out court disputes, especially in cases involving non-
resident plaintiffs.

Judgments of British courts, and of selected Commonwealth
countries, can be registered and enforced. Other countries'
judgments, including those of the United States, must be sued
upon in court as debt, subject to all jurisdictional
requirements. Judgments of Bahamian courts are payable in
Bahamian dollars unless otherwise specified by agreement of
the parties.

Personal bankruptcy laws are antiquated and rarely used.
Companies can be and are frequently liquidated according to
law. Creditors of bankrupt debtors and liquidated companies
participate in the distribution of the bankrupt debtor's or
liquidated company's estate according to statute. The law
relating to sales of goods and some other commercial subjects
are codified in The Bahamas' statutes.

The Bahamas has been a member of the International Center for
the Settlement of Investment Disputes (ICSID) since 1995. It
is also a member of the Multilateral Investment Guarantee
Agency, which insures investors against currency transfer
restrictions, expropriation, war and civil disturbances, and
breach of contract by member countries.

Performance Requirements/Incentives

The Bahamas lacks any form of taxation on services, income,
sales, estates or inheritances. The only direct tax is a
real property tax. Casinos are subject to special taxes, and
there is a $15 departure tax levied at the airports and
harbors. The principal incentives for foreign investments
are concessions on import duties and property tax abatement.
Tariffs in general are high but do not generally discriminate
by country of origin. Incentives are offered under the
following legislation:

-- Industries Encouragement Act: Under this law, the
Government may exempt from duties the machinery, tools,
equipment, and raw materials imported to construct new
factories. A list of duty-exempt items is negotiated
separately with each new venture.

-- Hotels Encouragement Act: Under this law, new hotels
and resorts can be exempted from real property taxes for ten
years from the date the new facility opens, and for
significant tax reduction for up to ten additional years. An
amendment to the Act currently before Parliament would allow
the Government to grant tax relief for an additional ten
years, raising the maximum length of tax abatement to thirty
years. In addition, the Act allows the duty-free importation
of materials used for the construction of new facilities or
the substantial renovation of existing facilities acquired by
new owners for a set period of time. The list of duty-free
items for each project and the duration of some duty-free
windows are negotiated separately for each venture.

-- Agricultural Manufacturers Act: This law allows any
materials necessary for the construction, alteration, or
repair of an agricultural factory, as well as any machinery
or supplies used in establishing such a factory, to be
imported duty free. An agricultural factory refers to any
factory established for the purpose of manufacturing or
preparing agricultural or horticultural produce of The
Bahamas for sale or export.

-- Spirits and Beer Manufacturers Act: This law provides
for the duty-free importation of materials used in the
construction, alteration or repair of approved liquor
distilleries or beer breweries and the duty-free importation
of raw materials and equipment for liquor or beer production.

-- Recent amendments to the Tariff Act provide duty
exemptions for construction and development on certain outer
"Family Islands."

Prospective investors should discuss the terms and conditions
under which these benefits will be made available in any
specific case with The Bahamas Investment Authority.
Although work permits for key foreign employees are readily
granted in connection with the investment approval process,
Government policy favors employment of Bahamians. Fees for
work permits can run up to several thousand dollars each, and
permits for less senior employees can be difficult to obtain.

Right to Private Ownership and Establishment

Subject to the reservation of certain areas of economic
activity to Bahamian citizens only, and the necessary
approvals and licenses, private entities may engage in
nearly all forms of remunerative activity. They may freely
establish, acquire, and dispose of interests in business
enterprises. One significant exception is the Government's
monopoly on all forms of telecommunications (except Internet
services, wireless services, paging, and radio) exercised by
The Bahamas Telecommunications Company (BTC). Government
corporations such as the Hotel Corporation of The Bahamas
and ZNS Radio compete on a basis of rough equality with
private corporations in similar businesses. After five years
and $200 million in consultant's fees and upgrades, on
December 12, 2003, the Government suspended the process to
privatize 49% of the Bahamas Telecommunications Corporation
(BTC). The Christie Administration defends its position to
indefinitely delay selling BTC by stating that privatizing
the telecommunications company was a failed policy objective
of the now ousted Free National Movement (FNM)
administration. It also stated that it was dissatisfied
with the price and terms of sale offered by the two
strategic partners it had chosen. Prime Minister Christie
claims that his government has not abandoned the BTC
privatization process, although it will be difficult to re-
start the process. Another problem facing the Government
would be the current weakness of the world
telecommunications market, which may prevent The Bahamas
from receiving as much for BTC as the some Cabinet members
believe the company is worth.

Protection of Property Rights

Subject to long legal delays, secured interest in property,
both chattel and real, is recognized and enforced. Mortgages
in real property and security interests in personal property
can be recorded with the Registrar General.

The Bahamas is a member of the World Intellectual Property
Organization (WIPO), but not of the World Trade Organization
(WTO). There is little industrial production that might
generate possible infringements of patent rights. However,
existing copyright laws are widely ignored, resulting in the
widespread piracy of video and music recordings and
broadcasts, most of which remain in The Bahamas. Parliament
passed a new copyright law on July 4, 2000, which is intended
to provide better protection to international holders of
copyrights but has yet to be strictly enforced.

Transparency of the Regulatory System

Official Government policy commits The Bahamas to building an
economic environment where the Government assumes its proper
role as regulator and facilitator of economic development,
and where ideals of transparency, fair play and equality of
treatment are protected. Still, the discretionary issuance
of business licenses can result in a lack of transparency in
decisions to authorize or to renew the a business' licence to
operate. Large foreign investors may be held to higher
labor, health and safety standards than are local
entrepreneurs. Obtaining required permits, especially
immigration permits, can take an inordinate length of time.
The Bahamas Investment Authority exists to assist foreign
investors in dealing with the permitting process.

Efficient Capital Markets and Portfolio Investment

In 2000 the Bahamas International Securities Exchange, (BISX)
began operations, and presently involves the domestic market.
BISX has ben characterized by a shortage of funds and low
tading volume since its inception. The volume of sares
traded on BISX decreased by 23% to 3.02 milion in 2002,
crresponding to a 38% decline in th total value of shares
traded to $14.6 million fom $23.5 million in 2001. In
December 2003, theMinister of State for Finance James Smith
appoined an ad hoc special committee of financial experts to
make recommendations on the future operations of the
exchange. On January 4, 2005, Minister Smith announced that
the report on how to implement recommendations for
revitalizing BISX is 90% finished and set to be presented to
the government early this year. Minister Smith said that the
Cabinet would decide the extent to which the government was
prepared to commit to any or all of the committee's
recommendations.

Among the recommendations most likely to be enacted are
greater participation in BISX-listed stocks and the wider
capital markets by the National Insurance Board (NIB), whose
reserve fund amounts to more than $1.23 billion. Other
recommendations being considered by the Implementation
Committee, which is working out how these proposals will be
followed through and who will be responsible for them, are
the listing of government paper, registered stock and
Treasury Bills on the exchange, regional cross-border
listings, the creation of a Caribbean credit rating facility
and the underwriting of government securities by private
sector brokers. The exchange's 46 shareholders view the
government's policy statement backing BISX and the capital
markets as a vital kick-start to the process, signaling its
commitment. The government and the private sector have both
said the exchange cannot be allowed to fail because of the
damage it would do to the jurisdiction's international
reputation and development of capital markets.

According to Keith Davies, CEO at BISX, trading on the
exchange rebounded in 2004 to more than recover losses
sustained during its mid-2003 low point, with trading volumes
up by 124.05% over 2002 and total traded value up by 226.04%.
BISX trading volume for 2004 was 7.996 million shares, a
124.05% gain as an extra 4.427 million shares changed hands.
Total traded value was $24.271 million, a 226.04% or $16.827
million gain on 2003.

BISX's All Share Index - the weighted aggregate of all stocks
listed on the exchange finished 2004 at 1,039.38, closing up
171.08 points or 19.7% for the entire year. This compared to
a 17.43 point decline or fall of 1.97% for 2003. The All
Share Index also finished 2004 with a bang, increasing by
15.75 points or 1.54% during December to negate November's
0.09% decline. Keith Davies said the equity market's pick-up
in 2004 had enabled investors to recover their 2003 losses
and "then some".

Local bank credit, including loans from The Bahamas
Development Bank, are available to resident enterprises for
capital investment in The Bahamas in proportion to their
local ownership. The prime rate at the end of 2004 was
unchanged from the July 1999 rate of 6.00%. The majority of
outstanding commercial bank credit is personal loans
(mortgages) for consumer purchases. According to data from
the Central Bank, the number of U.S. bank and trust companies
has declined from 41 in 2003 to 28 in 2004. At the end of
June 2004, the total assets and liabilities of these banks
amounted to $175,502 million and $177,859 million
respectively. The gross economic contribution of the banking
sector to the Bahamian economy exceeds $350 million. Since
the passage of the new financial legislation, the total
number of banks and trust companies declined from 415 in 1999
to 270 as of September 2004 -- most of these banks were
"brass plate" banks (organizations that were registered in
the Bahamas but did not have a physical presence in this
jurisdiction). In addition, the number of International
Business Companies (IBCs) has rebounded after falling-off to
around 80,000 in 2003, after implementation of new bank
regulation in 2000, to 135,043 at the end of 2004. Assuming
continued growth and steady or declining unemployment, there
is at this time no reason to doubt the soundness of the
banking system in general.

Projects in The Bahamas are also eligible, in some instances,
for financing from the U.S. Export-Import Bank, the Overseas
Private Investment Corporation (OPIC), or from multilateral
institutions such as the Inter-American Development Bank
(IDB). Major Bahamian banking institutions, which can
provide financing for certain projects in The Bahamas
include:

Bahamas Development Bank
P.O. Box N-3034
Nassau, Bahamas
Tel: (242) 352-5780

Bank of The Bahamas, Ltd.
P.O. Box N-7118
Nassau Bahamas
Tel: (22) 3262560

First Caribbean International Bank(merger between Barclays
Bank and the Canadian mperial Bank of Commerce (CIBC)
Charlotte House
P.O. Box N-3221
Nassau, Bahamas
Tl: (242) 325-7384

British-American Bank
P.O. Box N-7502
Nassau, Bahamas

Tel: (242) 327-5170

Commonwealth Bank
P.O. Box SS-6263
Nassau, Bahamas
Tel.: (242) 328-1854

Royal Bank of Canada
P.O. Box N-7537
Nassau, Bahamas
Tel: (242) 322-8700

Bank of Nova Scotia
P.O. Box N-7518
Nassau, Bahamas
Tel: (242) 356-1400

Finance Corp. Of The Bahamas
P.O. Box N-3038
Nassau, Bahamas
Tel: (242) 322-4822

Political Violence

The Bahamas has no history of political violence, although
labor unrest in 1998 - in particular due to the proposed
privatization of the phone company - led to one confrontation
between workers and police. The Government publicly and
strongly supports a modern open approach to foreign
investment, although many Bahamians, including some prominent
politicians, remain suspicious of expatriate investors and
employees. Foreign investors are occasionally the target of
criticism in the news media and Parliament. The largest
single investments in the country - Atlantis on Paradise
Island, Nassau, and the Freeport Container Port, are
controlled by foreigners.

Corruption

Giving a bribe to -- or accepting bribes from -- a Government
official is a criminal act in The Bahamas. The new PLP
Government, cognizant of scandals in the 1980s that helped
bring down the previous PLP government, has emphasized anti-
corruption measures and has recently introduced code of
conduct guidelines for members of parliament. Since 1992,
credible reports of overt corruption have become rare,
although allegations of improper conduct on the part of
Government officials surface regularly in local media, and
were a prominent feature of the 2002 election. Some of these
allegations are under investigation, but it is uncertain if
any charges will eventually emerge. Members of the Government
and members of Parliament are allowed - and expected - to
maintain and operate private businesses while serving in
public office. This has led to frequent charges of
impropriety or bias in the awarding of government contracts
and concessions.

Bilateral Investment Agreements

There is no Bilateral Investment Treaty between The Bahamas
and the United States. The Bahamas was designated a
beneficiary of the Caribbean Basin Initiative (CBI) in 1985.
As a result, with certain restrictions, products manufactured
in The Bahamas qualify for duty-free entry into the United
States. High wage rates, combined with the small size of the
country's manufacturing and agricultural sectors, have
hindered The Bahamas' ability to exploit these benefits. On
January 25, 2002 the former FNM Government signed a Tax
Information Exchange Agreement (TIEA). A key side benefit of
this agreement for The Bahamas is that, effective this year
(2005), it will permit U.S. tax deductions for expenses of
business conventions held in The Bahamas.

OPIC and Other Investment Insurance Programs

Since 1992, the U.S. Overseas Private Investment Corporation
(OPIC) has approved two investment projects in The Bahamas.
It guaranteed up to $10.8 million in loans to Uniroyal
Chemical Company, Ltd. to assist in the purchase and
refurbishment of a plant in Freeport. The Uniroyal plant has
since closed. In addition, OPIC committed itself to a loan
of up to $1.6 million to Landquest, Ltd., for the development
of a cruise ship facility on the island of Eleuthera.

The Bahamas is also associated with the Multilateral
Investment Guarantee Agency of the World Bank, which, like
OPIC, insures investors against currency transfer
restrictions, expropriation, war, civil disturbances and
breach of contract by member countries.

Labor

In 2004 the labor force consisted of 174,330 workers. The
Government and the tourism industry are the country's largest
employers. The unemployment rate at the end of 2004 was
estimated at 10.2%, a decline from the estimated 10.8% in
2003. This figure does not take into consideration the
number of persons who lost their jobs as a result of
Hurricanes Jeanne and Frances, particularly those in Grand
Bahama. There is considerable under-employment and
unemployment, which the present system of statistics does not
show. Well-qualified accountants and secretaries, and others
with skills appropriate to the financial services industry,
command a premium wage. Unemployment is slightly higher for
women and highest among youth. Unemployment outside Nassau
and Freeport tends to be higher than in the two major
population centers. Wage rates, while lower than in the
United States, tend to be higher than elsewhere in the
Caribbean.

Some business owners have raised concerns about the level of
employee and white-collar crime in The Bahamas.

In the 2000/2001 Government Budget, the Government increased
its minimum wage from $4.12 per hour to $4.45 per hour for
public sector employees. Minimum wage for private sector
workers is $4 per hour. The Fair Labor Standards Act
requires at least one 24-hour rest period per week, paid
annual vacations, and employer contributions to National
Insurance (social security). The Act also requires overtime
pay (time and a half) for hours in excess of 48 or on public
holidays. A 1988 law provides for maternity leave and the
right to re-employment after childbirth. A new Minimum Labor
Standards Act including the Employment Act, Health and Safety
at Work Act, Industrial Tribunal and Trade Disputes Act, and
the Trade Union and Labor Relations Act were passed in 2001
and early 2002. Local business leaders complain that some of
the laws are too restrictive and the PLP Government has
indicated that it plans to review the legislation.

The Bahamian Constitution specifically grants labor unions
the rights of free assembly and association. These rights
are exercised extensively, particularly in the hotel industry
- where 80 percent of the employees are unionized - and in
the state-owned industries. Unions operate without
restrictions or Government controls. The right to strike is
governed under the Industrial Relations Act, which requires a
simple majority of union members to vote in favor of a strike
before it can commence. The Ministry of Labor oversees
strike votes. Although prolonged strikes are still rare,
work slow-downs and rowdy protests have become more common
during the past year. Labor unions and others involved in
disputes with foreign-owned enterprises have not been above
using the fact of foreign ownership as a lever to gain
popular support for their demands.

The Immigration Act requires foreigners to obtain work
permits before they can be employed in The Bahamas. The
Government will permit foreign employees to work in a
technical, supervisory or managerial capacity to initiate and
operate industries, provided no similarly qualified Bahamians
are available for the job. Foreign business owners are
expected to train as many of their Bahamian employees as
possible to eventually fill technical and managerial
positions. Work permit fees have been increased from a range
of $250 to $7,500 per year to $350 to $10,000 per year.

Foreign Trade Zones/Free Ports

The 1955 Hawksbill Creek Agreement established Freeport,
Grand Bahama, the country's second-largest town, as a free
trade zone. Firms in Freeport are granted the right to
import equipment and materials duty-free, and enjoy other tax
advantages. In 1993, the Government extended the Hawksbill
Creek property tax exemptions through 2015 and duty
exemptions to 2054, but withdrew real property tax exemptions
for foreign individuals and corporations. The PLP Government
plans to extend these exemptions to the entire island of
Grand Bahama. Recently, the Hong Kong-based conglomerate
Hutchison Whampoa has invested millions of dollars in a new
deep-water container port, airport, cruise ship dock,
industrial park, and hotel properties in Freeport, promising
a revitalization of Freeport as The Bahamas' leading
industrial city.

Foreign Direct Investment Statistics and Major Foreign
Investments

There is a direct link between the level of imports flowing
into The Bahamas and foreign direct investments. As of June
2004, net private foreign direct investment declined to $53.0
million from $246.9 million in 2003. Net Private Direct
Equity Investments as of June 2004 were $74.7 million over
$60.6 million in 2003. Net Foreign Loan Financing on foreign
investments as of June 2004 was $17.5 million, down from
$158.9 million in 2003. Net Foreign Real Estate Purchases as
of June 2004 were $28.3 million a decline from $84.3 million
in 2003. While Government statistics do not list overall
foreign investment by nationality, the Embassy believes that
the largest investors are American, Canadian, Hong-Kong
Chinese, and South African in origin.

Exchange controls restrict direct investment by Bahamians
overseas, since the Central Bank must approve - and takes a
percentage of - all foreign currency purchases. Wealthy
Bahamians are widely believed to skirt Central Bank
regulations when making investments in the U.S. and
elsewhere.

Major foreign investments in The Bahamas include:

-- Atlantis, a hotel, resort, and casino complex on Paradise
Island near Nassau owned by the South African firm Sun
Hotels International. Shares are traded on the New York
Stock Exchange;

-- The Container Port facility, airport and three beachfront
hotels in Freeport were acquired in 1997 by Hong Kong-based
Hutchison Whampoa;

-- The Wyndham Nassau Resort & Crystal Palace Casino
formerly the Nassau Marriott Crystal Palace Resort, casino,
and convention center, owned by the Ruffin Group of the
United States and operated as a Wyndham franchisee;

-- The Nassau Beach Hotel, also owned by the Ruffin Group of
the United States;

-- Superclub Breezes Resort, owned by a Jamaican company;

-- Sandals Royal Bahamian Resort, owned by a Jamaican
company;

-- The British Colonial (Hilton) Hotel and the Clarion
Resort owned by RHK Capital, Inc. of Canada;

-- Club Med Resorts on San Salvador owned by a European
group;

-- Comfort Suites on Paradise Island owned by a U.S.
company;

-- Island Outpost Resort at Compass Point, Nassau, Pink
Sands Resort, Harbour Island, and Kamalamae Resort, Andros
owned by a Jamaican company;

-- Cable Bahamas, Ltd., established by a Canadian group;

-- Sandyport Development Co. Ltd., a housing subdivision
owned by a British company;

-- Roberts Isle, a housing subdivision owned by a U.S.
company;

-- Treasure Cove, a housing subdivision, owned by a U.S.

company;

-- Commonwealth Brewery Ltd (Heineken), a Dutch-Bahamian
company;

-- Bacardi Company Ltd., a Bermuda-based company;

-- Freeport Power, an affiliate of Mirant, based in Atlanta;

-- The Caribbean Marine Research Center, operated by The
Perry Institute for Marine Science, an American firm;

-- Freeport/Lucaya marina village developed recently by
European investors;

-- Polymers International, Ltd., a subsidiary of Dart
Container, which produces styrofoam pellets at a plant in
Freeport, owned by a former U.S. citizen (formally renounced
his citizenship, probably stateless now);

-- Morton Bahamas Ltd. (Salt), owned by a U.S. company;

-- Gorda Cay, renamed Castaway Cay, purchased and developed
by Disney Corp. for its cruise ship operations;

-- Half Moon Cay, owned by U.S. company Holland America
Cruise Lines;

-- A tropical fish farm operated on Walker's Cay by
Aqualife, Ltd., a U.S. company;

-- Princess Cay, a cruise ship landing facility near
Eleuthera Island, owned by Landquest, a U.S. company;

-- Four Seasons Resort Development on Exuma, owned by a U.S.
Company;

-- Freeport Ship Care Facility, owned by the Lloyd Werft
Ship Repair Company of Germany;

-- Our Lucaya Resort, a subsidiary of Hutchison Whampoa
Group and Centex Rooney;

-- RIU Resort, Paradise Island, owned by a Spanish Company;

-- Winding Bay Resort, Abaco, owned by a British company;

-- AES American Oil Company, which owns Ocean Cay a mining
facility to produce liquefied natural gas (upon Bahamian
government approval).