Division ANNEX I

United Kingdom

‘Appendix to Annex IV E — The Bahamas

Does not include operation of electricity transmission and distribution systems on a fee or contract basis, which are to be found in ENERGY SERVICES.

Does not include transportation of natural gas and gaseous fuels via pipelines, transmission and distribution of gas on a fee or contract basis and sales of natural gas and gaseous fuels, which are to be found in ENERGY SERVICES.

Does not include transmission and distribution of steam and hot water on a fee or contract basis and sales of steam and hot water, which are to be found in ENERGY SERVICES.’

Sector or sub-sector Description of reservations, limitations or exclusions
ALL SECTORS
Exchange control

1.

Residents need to obtain approval by the Central Bank to operate foreign currency or Bahamian dollar accounts and to acquire foreign currency assets, pursuant the Exchange Control Regulations Act and Finance Regulations. Non-residents have a right to operate foreign currency accounts.

2.

Resident juridical persons may receive approval to operate foreign currency accounts to cover expenses directly incurred in foreign currency. Both non-resident juridical persons and foreign nationals may be approved to operate Bahamian dollar accounts to satisfy recurring expenses in Bahamian dollars.

3.

All applications for the above-mentioned exchange control approvals must satisfy the requirements of The Bahamas’ National Investment Policy in terms of the sectors and activities in which foreign investments are permitted.

4.

For the purposes of exchange controls, a “resident” is either a citizen of The Bahamas, or a licensed juridical person, either foreign or domestic-owned, that is permitted to engage in transactions with other residents. A non-resident is either a foreign national or an juridical person that is not permitted to do business with residents, irrespective of whether a physical presence in The Bahamas is maintained.

Land holding

Foreign persons and juridical persons wishing to acquire real estate for commercial purposes must apply for a permit from the Investments Board. Foreign persons or juridical persons intending to acquire more than two contiguous acres of land for any purpose must obtain a permit from the Investments Board.

Investment

The Bahamas prohibits the exploration, exploitation and processing of radioactive materials, the recycling of nuclear fuel, the generation of nuclear energy, the transportation and storage of nuclear waste, the use and processing of nuclear fuel and regulation of its application for other purposes, as well as the production of heavy water.

Investments by foreign persons, with a minimum capitalization of USD 250 000, are approved by the National Economic Council (NEC) under terms of the National Investment Policy (NIP) on the basis of an economic needs and benefits test. Major criteria under the NIP include employment generation, skills development, regional development, local needs and environmental impacts. Joint ventures between Bahamian and foreign investors are also subject to NEC approval under the NIP on the basis of the economic needs and benefits tests outlined above.

A. AGRICULTURE, HUNTING, FORESTRY

Agriculture and hunting

(ISIC rev 3.1: 01)
None

Forestry and logging

(ISIC rev 3.1: 02)
None

B.

FISHING

(ISIC rev.3.1: 05)

All vessels engaged in fishing within the Exclusive Economic Zone must be solely owned by Bahamian natural or juridical persons as indicated in the Fisheries Resource (Jurisdiction and Conservation) Act.

C.

MINING AND QUARRYING

Certain activities in small scale mining may be reserved to Bahamian nationals.

The Bahamas reserves the right to grant approval for private or public exploration, mining, processing, importation and exportation of minerals.

The Bahamas reserves the rights in the exclusive economic zone, continental plateau and the seabed for prospecting and exploration.

Mining of coal and lignite; extraction of peat

(ISIC rev 3.1: 10)
None

Extraction of crude petroleum and natural gas

(ISIC rev 3.1: 11)
None

Mining of metal ores

(ISIC rev 3.1: 13)
None

Other mining and quarrying

(ISIC rev 3.1: 14)
None
D. MANUFACTURING

Manufacture of food products and beverages

(ISIC rev 3.1: 15)
None

Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials

(ISIC rev 3.1: 20)
The Bahamas reserves the right to adopt or maintain restrictions on small scale investment in this sector.

Manufacture of refined petroleum products

(ISIC rev 3.1: 232)
None

Manufacture of chemicals and chemical products other than explosives

(ISIC rev 3.1: 24 excluding manufacture of explosives)
None

Manufacture of machinery and equipment

(ISIC rev 3.1:29)
The Bahamas reserves the right to adopt or maintain measures on investment in the production of weapons and ammunition.

Manufacture of furniture; manufacturing n.e.c.

(ISIC rev 3.1: 36)
The Bahamas reserves the right to adopt or maintain restrictions on small scale investments in this schedule.
E. PRODUCTION, TRANSMISSION AND DISTRIBUTION ON OWN ACCOUNT OF ELECTRICITY, GAS, STEAM AND HOT WATER(excluding Nuclear Based Electricity Generation)

Production of electricity; transmission and distribution of electricity on own account

(part of ISIC rev 3.1: 4010)^f1
Unbound

Manufacture of gas; distribution of gaseous fuels through mains on own account

(part of ISIC rev 3.1: 4020)^f2
Unbound

Production of steam and hot water; distribution of steam and hot water on own account

(part of ISIC rev 3.1: 4030)^f3
Unbound

Does not include operation of electricity transmission and distribution systems on a fee or contract basis, which are to be found in ENERGY SERVICES.
Does not include transportation of natural gas and gaseous fuels via pipelines, transmission and distribution of gas on a fee or contract basis and sales of natural gas and gaseous fuels, which are to be found in ENERGY SERVICES.
Does not include transmission and distribution of steam and hot water on a fee or contract basis and sales of steam and hot water, which are to be found in ENERGY SERVICES.’
Sector or sub-sector	Description of reservations, limitations or exclusions
ALL SECTORS	Exchange control 1. Residents need to obtain approval by the Central Bank to operate foreign currency or Bahamian dollar accounts and to acquire foreign currency assets, pursuant the Exchange Control Regulations Act and Finance Regulations. Non-residents have a right to operate foreign currency accounts. 2. Resident juridical persons may receive approval to operate foreign currency accounts to cover expenses directly incurred in foreign currency. Both non-resident juridical persons and foreign nationals may be approved to operate Bahamian dollar accounts to satisfy recurring expenses in Bahamian dollars. 3. All applications for the above-mentioned exchange control approvals must satisfy the requirements of The Bahamas’ National Investment Policy in terms of the sectors and activities in which foreign investments are permitted. 4. For the purposes of exchange controls, a “resident” is either a citizen of The Bahamas, or a licensed juridical person, either foreign or domestic-owned, that is permitted to engage in transactions with other residents. A non-resident is either a foreign national or an juridical person that is not permitted to do business with residents, irrespective of whether a physical presence in The Bahamas is maintained. Land holding Foreign persons and juridical persons wishing to acquire real estate for commercial purposes must apply for a permit from the Investments Board. Foreign persons or juridical persons intending to acquire more than two contiguous acres of land for any purpose must obtain a permit from the Investments Board. Investment The Bahamas prohibits the exploration, exploitation and processing of radioactive materials, the recycling of nuclear fuel, the generation of nuclear energy, the transportation and storage of nuclear waste, the use and processing of nuclear fuel and regulation of its application for other purposes, as well as the production of heavy water. Investments by foreign persons, with a minimum capitalization of USD 250 000, are approved by the National Economic Council (NEC) under terms of the National Investment Policy (NIP) on the basis of an economic needs and benefits test. Major criteria under the NIP include employment generation, skills development, regional development, local needs and environmental impacts. Joint ventures between Bahamian and foreign investors are also subject to NEC approval under the NIP on the basis of the economic needs and benefits tests outlined above.
A. AGRICULTURE, HUNTING, FORESTRY
Agriculture and hunting (ISIC rev 3.1: 01)	None
Forestry and logging (ISIC rev 3.1: 02)	None
B. FISHING (ISIC rev.3.1: 05)	All vessels engaged in fishing within the Exclusive Economic Zone must be solely owned by Bahamian natural or juridical persons as indicated in the Fisheries Resource (Jurisdiction and Conservation) Act.
C. MINING AND QUARRYING	Certain activities in small scale mining may be reserved to Bahamian nationals. The Bahamas reserves the right to grant approval for private or public exploration, mining, processing, importation and exportation of minerals. The Bahamas reserves the rights in the exclusive economic zone, continental plateau and the seabed for prospecting and exploration.
Mining of coal and lignite; extraction of peat (ISIC rev 3.1: 10)	None
Extraction of crude petroleum and natural gas (ISIC rev 3.1: 11)	None
Mining of metal ores (ISIC rev 3.1: 13)	None
Other mining and quarrying (ISIC rev 3.1: 14)	None
D. MANUFACTURING
Manufacture of food products and beverages (ISIC rev 3.1: 15)	None
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (ISIC rev 3.1: 20)	The Bahamas reserves the right to adopt or maintain restrictions on small scale investment in this sector.
Manufacture of refined petroleum products (ISIC rev 3.1: 232)	None
Manufacture of chemicals and chemical products other than explosives (ISIC rev 3.1: 24 excluding manufacture of explosives)	None
Manufacture of machinery and equipment (ISIC rev 3.1:29)	The Bahamas reserves the right to adopt or maintain measures on investment in the production of weapons and ammunition.
Manufacture of furniture; manufacturing n.e.c. (ISIC rev 3.1: 36)	The Bahamas reserves the right to adopt or maintain restrictions on small scale investments in this schedule.
E. PRODUCTION, TRANSMISSION AND DISTRIBUTION ON OWN ACCOUNT OF ELECTRICITY, GAS, STEAM AND HOT WATER(excluding Nuclear Based Electricity Generation)
Production of electricity; transmission and distribution of electricity on own account (part of ISIC rev 3.1: 4010)^f1	Unbound
Manufacture of gas; distribution of gaseous fuels through mains on own account (part of ISIC rev 3.1: 4020)^f2	Unbound
Production of steam and hot water; distribution of steam and hot water on own account (part of ISIC rev 3.1: 4030)^f3	Unbound

Annotations

Footnotes

f1: Does not include operation of electricity transmission and distribution systems on a fee or contract basis, which are to be found in ENERGY SERVICES.
f2: Does not include transportation of natural gas and gaseous fuels via pipelines, transmission and distribution of gas on a fee or contract basis and sales of natural gas and gaseous fuels, which are to be found in ENERGY SERVICES.
f3: Does not include transmission and distribution of steam and hot water on a fee or contract basis and sales of steam and hot water, which are to be found in ENERGY SERVICES.’