<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>8
<FILENAME>g68171ex21.txt
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>

<PAGE>   1

                                                                      Exhibit 21

              CONSOLIDATED WATER CO. LTD. AND SUBSIDIARY COMPANIES

                         SUBSIDIARIES OF THE REGISTRANT

         The following list includes all of the Registrant's wholly-owned
subsidiaries as of December 31, 2000. All subsidiaries of the Registrant
appearing in the following table are included in the consolidated financial
statements of the Registrant.

         NAME OF SUBSIDIARY                     JURISDICTION OF INCORPORATION
         ------------------                     -----------------------------

         Belize Water Ltd.                      Belize
         Commonwealth Water Limited (1)         Bahamas
         Hurricane Hideway Ltd. (1)             Cayman Islands

(1) Dormant companies.


</TEXT>
</DOCUMENT>