<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>10
<FILENAME>g81580exv21.txt
<DESCRIPTION>EX-21 SUBSIDIARIES OF THE REGISTRANT
<TEXT>
<PAGE>

                                                                      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, 2002. All subsidiaries of the Registrant
appearing in the following table are included in the consolidated financial
statements of the Registrant.

<Table>
<Caption>
NAME OF SUBSIDIARY                      JURISDICTION OF INCORPORATION
------------------                      -----------------------------
<S>                                  <C>
Belize Water Limited...............  Belize
Cayman Water Company Limited(1)....  Cayman Islands
Hurricane Hide-A-Way Ltd.(1).......  Cayman Islands
</Table>

---------------

(1) Dormant companies, with no operations, assets and liabilities.

</TEXT>
</DOCUMENT>
