This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS SECTION 01 OF 08 NASSAU 000367 
 
SIPDIS 
 
STATE FOR EB/IFD/OIA, WHA/CAR, E/CBA/WALKER, TREASURY, USDOC 
AND USTR 
SANTO DOMINGO FOR USFCS 
USDOC FOR ITA/TD/OETCA/BUSBY,3134/USFCS/IO/WH/MANN, AND 
4322/ITA/IEP/WH/OMCB/MBROOKS 
 
E.O. 12958: N/A 
TAGS: EINV EFIN ETRD ELAB KTDB PGOV KTDB BF ECON
SUBJECT:  INVESTMENT CLIMATE STATEMENT FOR THE BAHAMAS 2006 
 
REF:  SECSTATE 202943 
 
¶1.  THE FOLLOWING IS PROVIDED IN RESPONSE TO REFTEL. 
 
INVESTMENT CLIMATE 
 
A.1.  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; 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; extensive air 
links through nearby Miami, Ft. Lauderdale and Orlando; 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: 1-242-356-5956, Fax: 1-242-327-5907 
www.opm.gob.bs 
 
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. 
A.2.  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.  Many Bahamians 
argue that exchange controls should be eliminated, but the 
Central Bank and the Government are not prepared to do so at 
this time, citing the need to retain sufficient foreign 
reserves to mount a strong defense of the currency's one-to- 
one parity with the U.S. dollar. 
 
A.3.  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. 
 
A.4.  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 Embassy has received some 
reports of encounters with 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. 
 
A.5.  Performance Requirements/Incentives 
 
The Bahamas lacks any form of taxation on income, sales, 
estates or inheritances.  The only direct tax is a real 
property tax.  Casinos are specially taxed, 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. 
 
A.6.  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 compete on a basis of rough equality with 
private corporations in similar businesses. 
 
A.7.  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 
widespread piracy of video and music recordings and 
broadcasts, most of which remain in The Bahamas. 
A.8.  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 authority of a 
business.  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. 
 
A.9.  Efficient Capital Markets and Portfolio Investment 
 
The Bahamas International Securities Exchange (BISX) offers 
shares on the domestic market.  BISX has been plagued with a 
shortage of funds and low trading volume since its inception 
in 2000.  However, the improvement in the economy in 2004 
contributed to an increase in investor confidence and 
activity in the domestic capital markets.  The volume of 
securities traded on BISX nearly doubled to 8 million shares 
during 2004, with the value significantly higher at $24.3 
million from $7.5 million in 2003.  The BISX All Share Price 
Index appreciated by 19.7% to 1,039.4 points, a marked 
rebound from the narrowed decline of 2.0% in 2003. 
Similarly, valuations represented in the broader Fidelity 
Capital Market Index (Findex), which captures over-the- 
counter trading, recovered by 14.9% to 423 points, from a 
loss of 0.6% in the previous year.  Total market 
capitalization on BISX rose by 17.2% to $1.9 billion, and was 
inclusive of the Kerzner International Bahamian Dollar 
Depository Receipts (BDRS) sold to the public during July 
¶2004. 
 
A number of important initiatives are being considered to 
accelerate the development of the local capital markets.  One 
of these is the eventual inclusion of Government debt 
securities among instruments issued and openly traded in the 
capital markets, provided that this does not increase the 
cost of Government debt financing, and this would establish a 
benchmark for the pricing and issuance of private debt 
securities.  Consideration is also being given to measures to 
ensure the self-sustaining operating viability of BISX. 
Finally, consideration is being given to the further gradual 
liberalization of Exchange Controls, including those on 
certain portfolio investments.  On January 16, 2006 the 
Minister of Finance, James Smith, announced "the relaxation 
of certain capital account restriction," that now makes it 
easier for Bahamians to invest money abroad. 
 
Local bank credit, including loans from The Bahamas 
Development Bank, is available to resident enterprises for 
capital investment in The Bahamas in proportion to their 
local ownership. 
 
The prime rate at the end of November 2005 declined from 
6.00% to 5.50%.  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 15 
in September 2005.  At the end of June 2005, the total 
external assets and total external liabilities of these banks 
amounted to approximately $229,082 million and $227,327 
million respectively.  The gross economic contribution of the 
banking sector for 2004 to the Bahamian economy was $463.1 
million.  Since the passage of the new financial legislation, 
the total number of banks and trust companies declined from 
415 in 1999 to 253 as of September 2005 -- 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 135,595 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: (242) 326-2560 
 
 First Caribbean International Bank (merger between Barclays 
 Bank and the Canadian Imperial Bank of Commerce (CIBC) 
 Charlotte House 
 P.O. Box N-3221 
 Nassau, Bahamas 
 Tel: (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 
 
A.10.  Political Violence 
 
The Bahamas has no history of political violence.  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 
sometimes the targets of criticism in the news media and 
Parliament. 
 
A.11.A  Corruption 
 
Giving a bribe to -- or accepting bribes from -- a Government 
official is a criminal act in The Bahamas. The current PLP 
Government, cognizant of scandals in the 1980s that helped 
bring down the previous PLP government in 1992, has 
emphasized anti-corruption measures and has recently 
introduced code of conduct guidelines for members of 
parliament.  Since 1992, credible reports of heavy corruption 
have become rare, although allegations of improper conduct on 
the part of Government officials surface regularly, and were 
a prominent feature of the 2002 election. 
 
¶B.  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 January 
1,2006, it permits U.S. tax deductions for expenses of 
business conventions held in The Bahamas. 
 
¶C.  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. 
 
¶D.  Labor 
 
In 2004 the labor force consisted of 178,705 workers.  The 
Government and the tourism industry are the country's largest 
employers.  According to the Department of Statistics, the 
unemployment rate at the end of 2005 remained unchanged from 
the 10.2% rate at the end of 2004, although the statistics 
mask considerable under-employment.  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.  Well-qualified accountants and secretaries, and 
others with skills appropriate to the financial services 
industry, command a premium wage. 
 
The minimum wage is $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 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. 
 
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 occur occasionally.  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. 
 
¶E.  Foreign Trade Zones/Free Ports 
 
The 1955 Hawksbill Creek Agreement established Freeport, 
Grand Bahama, the country's second-largest city, 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 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. 
 
¶F.  Foreign Direct Investment Statistics and Major Foreign 
Investments 
 
There is also a direct link between the level of imports 
flowing into The Bahamas and foreign direct investments.  At 
the end of September 2005, net private direct investment was 
$139.7 million, and net private direct equity investment was 
72.6 million. Net Foreign Loan Financing on foreign 
investments was ($5.2) million.  Net foreign real estate 
purchases for this period totaled $67.1 million. While 
Government statistics do not list overall foreign investment 
by nationality, the largest investors are American, Canadian, 
Hong-Kong Chinese, and South African in origin. 
 
Major foreign investments in The Bahamas include: 
 
 -- Atlantis, a hotel, resort, and casino complex on Paradise 
 Island near Nassau owned by Sol Kerzner of the South African 
 firm Sun Hotels International; 
 
 -- Baha Mar Resorts Ltd, owned by an Armenian, Sarkis 
 Izmirlian, recently purchased the Wyndham Nassau Resort & 
 Crystal Palace Casino, the Radisson Hotel, and the Nassau 
 Beach Hotel; and plans a large resort development on Cable 
 Beach; 
 
 -- 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; 
 
 -- The Container Port facility, airport and three beachfront 
 hotels in Freeport were acquired in 1997 by Hong Kong-based 
 Hutchison Whampoa; 
 
 -- 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); 
 
 --  Baker's Bay located on Guana Cay, Abaco is owned by the 
 U.S. Discovery Land Company of San Francisco; 
 
 --  Bimini Bay Resort, owned by Floridian developer Geraldo 
 Capo; 
 
 --  The Ginn development projected located on the Western 
 end of Grand Bahama is owned by the Ginn Development Company 
 of Orlando, Florida; 
 
 --  The Bahamas Film Studio/Gold Rock Creek Enterprises 
 Ltd., located at East Grand Bahama is owned by Canadian Paul 
 Quigley. 
 
HARDT