ENTITY STRUCTURE & GOVERNANCE // THE BAHAMAS

Two Entities, One Mission—The Bahamas

A brother-sister dual entity model: CaribVista Bahamas Land Trust (proposed non-profit) activates idle farmland on Andros, Eleuthera, and Grand Bahama via BAIC partnership, employing Bahamian families across the Family Islands. IAGRO SAT Caribbean BS Ltd (for-profit) provides satellite land intelligence at arm's length pricing. Modelled on the Bahamas National Trust precedent: non-profit land management with professional governance.

BROTHER-SISTER MODELBAIC PARTNERSHIPBNT PRECEDENTCDB/IDB BORROWING MEMBER
01 // ENTITY RELATIONSHIP

The Dual Entity Structure

CVBCaribVista Bahamas Land Trust
NON-PROFIT LAND TRUST // PROPOSED
  • Activates idle grassland on Andros, Eleuthera, Grand Bahama
  • Partners with BAIC for land access and agricultural policy alignment
  • Manages raised-bed, aquaponics, and greenhouse operations
  • Employs Bahamian farmers across multiple Family Islands
  • Sells produce to Nassau resorts, cruise lines, and local markets
  • BAMSI training partnership for workforce development
  • Nassau cruise port organic supply chain development
  • Blue carbon credit programme for mangrove protection
SATIAGRO SAT Caribbean BS Ltd
FOR-PROFIT TECHNOLOGY COMPANY // BAHAMAS CHAPTER
  • Sentinel-2 satellite monitoring of all Bahamian islands (10m resolution)
  • ML crop health classification: vegetables, herbs, citrus, aquaponics
  • Hurricane damage assessment via Sentinel-1 SAR (cloud-penetrating)
  • Mangrove health monitoring and blue carbon MRV
  • Inter-island logistics optimization
  • Yield forecasting models for cruise/resort supply chain planning
  • Provenance engine: deforestation-free supply chain certification
  • Platform: CaribVista dashboard, API, and evidence reports
RELATIONSHIP STRUCTURE
Brother-sister model (not parent-subsidiary). CaribVista Bahamas Land Trust and IAGRO SAT Caribbean BS Ltd are separate legal entities with no ownership relationship. The land trust contracts the technology company at arm's length pricing for satellite monitoring services. The founder may serve on both boards but must recuse from all votes involving the service contract. Development finance partners have right of review on all inter-entity transactions. Annual independent audit required.
02 // PRECEDENTS

Bahamian & International Precedents

BAIC (Bahamas Agricultural & Industrial Corporation)
Statutory corporation
laws.bahamas.gov.bs — BAIC Act (Ch. 329)
Established by Act of Parliament to promote and develop agriculture and industry in The Bahamas. Operates farm allotment programmes, provides technical assistance, and manages agricultural land on behalf of the Government. BAIC has been the primary institutional driver of agricultural development since 1981.
Lesson: CaribVista Bahamas Land Trust can partner with BAIC under existing statutory framework. BAIC has institutional capacity, land access, and government mandate that aligns with the land trust model.
Bahamas Development Bank
Government-owned development finance institution
bahamas.gov.bs — BDB Annual Report 2023
Provides concessionary loans (3-7% interest, 10-15 year terms) for agriculture, fisheries, small business, and tourism. Agricultural lending portfolio: ~$12M outstanding. Historically undercapitalized but critical financing channel for Family Island development.
Lesson: BDB can co-finance CaribVista operations through agricultural loan facilities. The dual entity model allows the non-profit to access BDB concessionary financing while the for-profit technology company operates at commercial rates.
Mozilla Foundation + Corporation
Parent-subsidiary
mozilla.org/foundation/moco/
Non-profit foundation created for-profit Corporation (2005) to handle $500M+ in search revenue. Foundation owns 100% of Corporation. All related-party transactions disclosed in annual Form 990.
Lesson: Non-profit can legitimately contract with or own a for-profit when it serves the mission. Full transparency is the requirement, not prohibition.
Bahamas National Trust
Non-profit conservation trust
bnt.bs — Bahamas National Trust Annual Report 2024
Manages 32 national parks covering 2M+ acres across The Bahamas, including Inagua National Park (flamingo colony + mangrove), Exuma Cays Land & Sea Park, and Andros national parks. Annual budget: ~$4.5M. Funded by government grant, park fees, and international donations.
Lesson: The Bahamas has a proven track record with non-profit trust models for land management. BNT demonstrates that non-profit trusts can manage large land areas in the Bahamian legal framework. CaribVista Land Trust follows the same structural model applied to agriculture.
Family Island Development Programme
Government programme
bahamas.gov.bs — Office of the Prime Minister
Multi-ministry initiative to develop economic self-sufficiency on Family Islands (Andros, Eleuthera, Exuma, Long Island, Cat Island, Inagua). Includes agricultural land allocation, infrastructure investment, and entrepreneurship support. Post-Dorian emphasis on food security.
Lesson: Government policy explicitly supports Family Island economic development. CaribVista BS pilot on Andros + Eleuthera directly aligns with this programme, enabling access to government land allocations and infrastructure investment.
03 // GOVERNANCE BOARD

Board Composition: 7 Seats, 5 Independent

Independent Director #1
INDEPENDENT
Legal/Governance: Bahamian attorney with non-profit or land law specialisation. Must have NO financial ties to IAGRO SAT Caribbean or the founder.
Independent Director #2
INDEPENDENT
Agricultural sector: BAMSI faculty, BAIC senior officer (retired or seconded), or Bahamian agronomist with Family Island experience.
Independent Director #3
INDEPENDENT
Financial management: Chartered Accountant with experience in donor-funded programmes, CDB reporting, or international NGO finance. Chairs Audit Committee.
Independent Director #4
INDEPENDENT
Development finance / CDB-adjacent: Former CDB staff, IDB Bahamas country office, or tourism-agriculture integration specialist.
Farmer Representative #1 (Andros)
FARMER REPRESENTATIVE
Active farmer from North or South Andros. Elected by participating farmer cooperative. Brings ground-truth perspective on coral soil farming realities.
Farmer Representative #2 (Family Islands)
FARMER REPRESENTATIVE
Active farmer from Eleuthera, Grand Bahama, or Exuma. Represents inter-island agricultural logistics perspective.
BAIC Observer
OBSERVER (NON-VOTING)
BAIC-nominated representative (non-voting). Ensures alignment with national agricultural policy and government land allocation programmes.
04 // SERVICE PRICING

Arm's Length Pricing: Market Comparables

VENDOR
SERVICE
PRICE
TIER
Farmonaut (India/global)
Satellite crop monitoring SaaS
$8-15/ha/yr
Basic - premium
EOSDA Crop Monitoring
Field-level analytics, weather, scouting
$10-20/ha/yr
Pro tier
Cropin (AgriStack)
AI-driven crop intelligence, yield forecast
$12-25/ha/yr
Enterprise
Planet Labs (PlanetScope)
Daily 3m imagery, field analytics
$15-40/ha/yr
Commercial
aWhere (Climate Corp.)
Agronomic weather + satellite analytics
$10-18/ha/yr
Standard
IAGRO SAT pricing at or below market. The full-stack service (satellite monitoring + ML classification + hurricane assessment + mangrove MRV + yield forecast + inter-island logistics) is priced competitively against vendors offering only a subset of these capabilities. Annual pricing documented and approved by independent board. Development finance partners have right to commission independent pricing review.
05 // FINANCIAL PROJECTIONS

5-Year Revenue Trajectory

YEAR
HECTARES
CV REV
CV EXP
CV NET
SAT FEE
SAT TOT
SAT NET
Y1
200
$1.8M
$1.2M
$0.6M
$32K
$48K
$-28K
Y2
400
$3.8M
$2.3M
$1.5M
$40K
$85K
$2K
Y3
700
$6.8M
$3.8M
$3.0M
$52K
$140K
$38K
Y4
1,200
$12.0M
$6.4M
$5.6M
$68K
$220K
$72K
Y5
2,000
$21.0M
$10.8M
$10.2M
$86K
$340K
$120K
CaribVista Bahamas positive from Year 1. The non-profit land trust generates surplus from Year 1 due to premium pricing from Nassau resorts and cruise lines. IAGRO SAT breaks even in Year 2 and generates modest technology margins thereafter. Year 5 scale (2,000 ha) represents 10% of viable land. Revenue driven by cruise/resort organic supply chain contracts at 30–50% premium over import pricing.
06 // GOVERNANCE SAFEGUARDS

8 Structural Safeguards

Independent Board Majority
At least 5 of 7 board members have NO financial relationship with IAGRO SAT
Source: CDB Procurement Procedures 2021
Written Conflict of Interest Policy
Adopted at incorporation, signed annually by all board members and officers
Source: Non-Profit Organizations Act 2019 / CDB best practice
Recusal Protocol
Founder recuses from ALL votes on own compensation and any IAGRO SAT contract
Source: IRS Section 4958 analogues
Arm's Length Pricing
All services priced at or below market rate, with competitive bids documented annually
Source: OECD Transfer Pricing Guidelines
Annual Independent Audit
By external firm with no relationship to either entity
Source: Companies Act Ch. 308 / CDB requirement
Public Disclosure
Entity relationship disclosed in annual reports, grant applications, board minutes
Source: CDB due diligence requirement
Development Finance Right of Review
CDB, IDB, or other development finance partners may review and approve service contract terms at any time
Source: Development finance funding agreement
Separate Bank Accounts
No commingling of funds between entities whatsoever
Source: Companies Act Ch. 308, Bahamas
07 // CRUISE PORT SUPPLY CHAIN

Nassau Cruise Port Food Supply Chain Partnership

The Nassau Cruise Port redevelopment ($300M+, completed 2023) creates a dedicated food provisioning infrastructure that CaribVista can leverage. The port serves as the primary distribution hub connecting Family Island farms to cruise line procurement offices.
SUPPLY CHAIN FLOW
Andros farms harvest daily, boat to Potter's Cay (30 mi)
Eleuthera farms harvest, fast ferry to Nassau (50 mi)
Nassau cold storage hub: grading, packing, certification
Cruise port provisioning dock: direct ship-to-ship delivery
Resort delivery: refrigerated truck to Paradise Island, Cable Beach
Surplus: Nassau local markets and food stores
CERTIFICATION & BRANDING
"Grown in The Bahamas" organic certification programme
Traceability: QR code on every package linking to farm, harvest date, satellite data
Cruise line ESG compliance documentation automated via CaribVista platform
Food safety: HACCP certification for all packing and cold storage facilities
Carbon-neutral delivery certification (solar boats + electric trucks)
Tourist engagement: farm visit excursion programme on Andros/Eleuthera
08 // FAMILY ISLAND PROGRAMME

Family Island Development Integration

Andros (Phase 1)
450+ direct
Primary production hub. 500 ha raised-bed + 20 ha aquaponics + 50 ha greenhouse. BAMSI training centre partnership. Freshwater lens advantage.
Eleuthera (Phase 1)
250+ direct
Secondary hub. 200 ha raised-bed + 10 ha aquaponics + 30 ha greenhouse. Pineapple heritage revival. Harbour Island premium market.
Grand Bahama (Phase 2)
350+ direct
Post-Dorian reconstruction agriculture. 300 ha on former agricultural land. Freeport container port logistics advantage. Cruise ship provisioning.
Exuma (Phase 3)
100+ direct
Eco-tourism agricultural integration. Farm-to-table for boutique resorts. Swimming pigs tourism creates agritourism demand.
Long Island (Phase 3)
80+ direct
Specialty crops for Nassau market. Historic farming tradition. Relatively deeper soils in interior valleys.
Cat Island (Phase 3)
60+ direct
Organic herb production. Tourism-aligned small-scale agriculture. Mt. Alvernia area has some of the deepest soils in the archipelago.
Distributed agriculture as disaster resilience. The archipelagic model means no single hurricane can destroy all food production. When Dorian devastated Grand Bahama and Abaco, Andros and Eleuthera were unaffected. Spreading production across 6 islands ensures that at least 60–70% of capacity survives any single Category 5 event. This is the fundamental food security argument for the CaribVista Bahamas programme.
09 // COMPENSATION

Reasonable Compensation Framework

All compensation benchmarked against published nonprofit salary surveys to satisfy development finance due diligence and IRS Section 4958 analogues (excess benefit transaction prevention). Bahamian labour law and cost-of-living adjustment applied to international benchmarks.
Executive Director (CaribVista)
$65,000-90,000
Candid 2024: nonprofit ED with <$5M budget, Caribbean location
Operations Manager (Andros)
$40,000-55,000
BAIC comparable: senior agricultural officer salary range
Operations Manager (Eleuthera)
$38,000-52,000
BAIC comparable: adjusted for smaller operation scale
Chief Technology Officer (IAGRO SAT)
$55,000-80,000
Bahamas IT sector: senior technical role, remote/hybrid
Farm Managers (per island)
$28,000-38,000
BAIC farm allotment manager salary range, adjusted for CaribVista scale
Aquaponics Technicians
$22,000-30,000
BAMSI graduate starting salary with aquaponics certification
Bahamian cost-of-living context. Nassau ranks as one of the most expensive cities in the Caribbean (comparable to Bermuda and Cayman Islands). Housing costs: $1,800-3,500/month for professional housing. Imported food costs 30-50% more than US mainland. These factors justify higher compensation than other CaribVista country chapters while remaining at or below market rates for comparable Bahamian nonprofit and agricultural positions.
10 // RISK MANAGEMENT

Risk Matrix & Mitigation

Category 5 Hurricane Destroys Pilot Farm
HIGH
Probability: Medium (1 in 4-5 years for any BS island)
Multi-island distribution ensures 60-70% survives. Wind-rated greenhouses (Cat 3+). Aquaponics concrete tanks survive Cat 3+. Insurance: Caribbean Catastrophe Risk Insurance Facility (CCRIF). 15% contingency reserve in CAPEX.
Cruise Line Contract Loss / Tourism Downturn
MEDIUM
Probability: Low-Medium
Diversify across 5+ cruise lines and 10+ resorts. Local market absorbs surplus at lower margin. Contract terms: 2-3 year rolling with 6-month notice. COVID demonstrated that local market demand increases when tourism drops (import substitution).
Saltwater Intrusion to Freshwater Lens
MEDIUM
Probability: Medium (especially post-hurricane)
Rainwater harvesting as primary irrigation source. RO desalination backup for aquaponics. Drip irrigation minimizes freshwater extraction. Andros lens is deepest and most resilient in the archipelago.
Imported Topsoil Supply Chain Disruption
MEDIUM
Probability: Low
On-island composting reduces topsoil import dependency over time (10-15% annual replacement vs 100% initial). Multiple Florida suppliers. Strategic topsoil stockpile (6-month reserve). Long-term: transition to fully composted local medium.
Labour Shortage on Family Islands
MEDIUM
Probability: Medium
BAMSI training pipeline: 50-80 graduates/year. Housing programme for farm workers (included in CAPEX). Competitive wages above BAIC allotment levels. Agricultural visa programme for skilled Caribbean workers (CSME).
Regulatory / Political Risk
LOW
Probability: Low
BAIC partnership provides government alignment. Development finance involvement (CDB, IDB) provides institutional cover. Both major parties (FNM, PLP) have endorsed food security as national priority post-Dorian. Non-partisan mission.
11 // TIMELINE

Implementation Timeline: 5-Year Roadmap

Phase 0: Preparation
Months 1-6
Incorporate CaribVista Bahamas Land Trust (NPO Act 2019)
Incorporate IAGRO SAT Caribbean BS Ltd (Companies Act Ch. 308)
Recruit independent board members (5 of 7 seats)
Execute BAIC partnership agreement for Andros land access
Commission detailed engineering study for Andros pilot site
Secure BAMSI training partnership MOU
Phase 1: Andros Pilot
Months 7-24
Construct 50 ha raised-bed demonstration farm on North Andros
Install 5 ha commercial aquaponics facility (tilapia + lettuce)
Build 10 ha wind-rated greenhouse complex
Establish Nassau cold storage hub at Potter's Cay
Secure first 3 resort supply contracts (Atlantis, Baha Mar, Sandals)
Deploy IAGRO SAT satellite monitoring for all Bahamian islands
Phase 2: Eleuthera + Scale
Months 18-36
Launch Eleuthera 200 ha programme (staggered with Andros)
Scale Andros to 500 ha + 20 ha aquaponics
Secure first cruise line supply contract (Royal Caribbean CocoCay)
Launch "Grown in The Bahamas" organic certification programme
Establish inter-island cold chain logistics (Andros-Nassau-Eleuthera)
Begin Grand Bahama Phase 2 site assessment
Phase 3: Multi-Island
Years 3-4
Grand Bahama 300 ha post-Dorian agricultural reconstruction
Exuma eco-tourism agricultural integration pilot
Long Island specialty crop programme
Secure 3+ cruise line contracts totalling $5M+/year
Blue carbon credit programme launch (62,000 ha mangrove MRV)
Total active: 1,200+ ha across 4 islands
Phase 4: Full Scale
Years 4-5
Cat Island organic herb production launch
Total active: 2,000+ ha across 6 islands
Annual revenue: $21M+ (CaribVista), $340K (IAGRO SAT)
Employment: 1,300+ direct, 3,500+ indirect
Food import reduction: measurable 8-12% of $250M import bill
Development finance impact assessment and regional replication planning
12 // MONITORING & EVALUATION

M&E Framework: Development Finance Reporting Standards

All programme monitoring designed to CDB Results Management Framework (RMF) and equivalent IDB/World Bank standards. Quarterly reporting with satellite-verified production data. Annual independent audit by external firm.
OUTPUT INDICATORS
Hectares activated (satellite-verified, quarterly)
Tonnes produced (weigh station records, monthly)
Jobs created (payroll records, quarterly)
Aquaponics systems installed (count, quarterly)
Greenhouses constructed (sq metres, quarterly)
Farm families engaged (registration records)
BAMSI trainees placed in CaribVista operations
Inter-island cold chain nodes operational
OUTCOME INDICATORS
Food import bill reduction (Central Bank trade data, annual)
Farm income vs baseline (household survey, annual)
Nutritional diversity improvement (health survey, biennial)
Carbon sequestered (satellite MRV, annual)
Resort/cruise local sourcing percentage (procurement data)
Family Island out-migration reduction (census proxy)
Post-hurricane food system recovery time (event-triggered)
Mangrove health index (satellite NDVI, quarterly)
Satellite verification advantage. IAGRO SAT provides independent, tamper-proof monitoring of agricultural output. Every hectare of active farmland is verified via Sentinel-2 NDVI at 10m resolution. Crop health, land use change, and production estimates are computed automatically and reported to development finance partners without relying on self-reported data. This is the gold standard for development programme monitoring.
LEGAL FRAMEWORK SOURCES
[1] Companies Act of The Bahamas (Ch. 308) — corporate governance requirements
[2] Non-Profit Organizations Act 2019 — Bahamas non-profit registration and compliance
[3] BAIC Act (Ch. 329) — agricultural development statutory authority
[4] Bahamas Development Bank Act (Ch. 349) — concessionary agricultural lending
[5] CDB Procurement Procedures (January 2021) — related-party transaction requirements
[6] OECD Transfer Pricing Guidelines 2022 — arm&apos;s length pricing methodology
[7] IRS Section 4958 analogues — intermediate sanctions for excess benefit transactions
[8] Bahamas National Trust Act (Ch. 391) — non-profit land trust precedent
[9] Candid 2024/2025 Nonprofit Compensation Reports — salary benchmarks
[10] Land Trust Alliance 2024 Salary Survey — CEO compensation comparables
CARIBVISTA | IAGRO SAT CARIBBEAN | BAHAMAS ENTITY STRUCTURE | 2026-06-12