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The only conditions towards the owners are that they have to have more than 1 province and in case of tortuga it has to be a protestant or reformed nation.
As you can see it requires either as I stated a nation owning the province of Bahamas AND atleast 1 more (so they don't cease to exist)
On top of that it requires EITHER
1. A treasure fleet from Mexico that has passed by on it's way to Europe
2. Someone privateering with atleast 5 in power
3. A caribbean nation with at least 5 WE
Port Royal
Requirements are similar to New Providence however this one requires the nation holding Jamaica to have atleast 5 power in privateering as well as either
1. Treasure fleet
2. Trade at 10% (I am guessing here but trade share 10 would be 10% share of the local trade node, Caribbean imo.)
3. Caribbean nation with 5 WE
Tortuga
Similar to the others but requires the province of Tortuga to be either reformed or protestant