In the theoretical literature, it is generally assumed that place names are morphologically simplex, at least from a synchronic perspective. This derives from the observation that constituents of complex place names often become opaque over time. Along these lines, place names like Dutch Amsterdam cannot be synchronically compositional because Amster-does not exist as an independent morpheme in Dutch. Contrary to this view, this paper argues that many (Dutch) place names are in fact synchronically complex, in spite of their semantic non-transparency. Evidence comes from the phonological behavior of the names in question: in Dutch, place names are often the sole apparent exceptions to otherwise strong restrictions on stress assignment and phonotactics. Yet under close inspection, it becomes evident that these names are not phonologically exceptional at all: they display regular phonological behavior that is characteristic of morphologically complex words, derived via suffixation or compounding. Furthermore, it is argued that the complex structures found in Dutch place names are by no means idiosyncratic to this group of words: similar patterns are found in place naming in various other languages as well as in the formation of some types of nominal compounds in Dutch (such as the formation of names for ball games).