The FAM concept
Fastighets AB Andalucia del Mar (FAM), consists of 28 independent Swedish limited companies. Each company owns and manages an apartment of three rooms and kitchen in the sizes 113 – 143 sqm. The apartments are located in Puerto Banus, Marbella municipality in Spain and are in two Comunidades within Andalucia del Mar, Marbella, Spain.
Ownership in FAM is in the form of shares in the 28 Swedish limited liability companies, where the shares correspond to the right to use the company’s apartments in Spain for a fixed number of weeks each year. The shares thus represent a right of use in the company’s apartment.
The apartments were built in 1978-1984. In order to keep the apartments in good condition, ongoing repairs and maintenance of the apartments are made. The accommodation concept includes fully equipped apartments and in the apartments there is everything from furniture, paintings, linen, towels to glass, porcelain, coffee makers and kitchen utensils etc. There is also a washing machine and dishwasher in the apartments. The apartments are also equipped with air conditioning.
There is a service office on site, the NAM office, where owners can go for help.
Each apartment within the FAM concept also has access to a car pool where owners can pre-book a car to use during their stay in the apartment.
Management and administration in Sweden
For the management of the FAM companies, the owners appoint a joint board of directors at the annual general meetings, which operates in accordance with the laws and regulations in force in Sweden and the corresponding applicable regulatory system in Spain. The annual general meetings of the 28 companies are held jointly on the same day but voting takes place per company.
The Board of Directors has to follow the Articles of Association of the companies.
The board of directors decides on the terms and conditions that owners have to observe and follow.
Before each year, the Governing Board decides on the overall distribution of tasks and responsibilities among its members. The Chair is responsible for the overall management. Responsibilities are divided between the members depending primarily on their skills and experience. The division of work in the Board is communicated to the owners and is available on the companies’ websites.
The Board communicates with the owners on an ongoing basis, including through regular Board information that is sent to all owners after each Board meeting and on other occasions as required. Information is also posted on the website under the owner page and in a closed Facebook group for owners in FAM
Information to shareholders is also provided at the general meeting and via the companies’ annual reports.
Administration in Sweden
In addition to the Board’s own work as a working board and to carry out the Swedish administration and accounting, services are purchased from an accounting firm in Sweden.
The Swedish purchased administration performs, among other things
- Ongoing accounting
- Contacts with Swedish authorities, including the Swedish Companies Registration Office, the Swedish Tax Agency, etc.
- Preparation of annual accounts, tax returns, etc.
- Invoicing and claims management
- Payment of invoices
- Contacts with banks
Examination of the Board’s management
The management of the Board of Directors is supervised by an authorized auditor elected by the owners at the General Assembly. The auditor reports annually to the owners via the audit report in the annual report. If possible, the auditor attends the general meeting to answer questions.
Management and administration in Spain, NAM
In order to manage the apartments and provide the owners with on-site services in Andalucia del Mar, the 28 Swedish limited companies jointly own a service company, Nordic Andalucia Management S.L. The NAM company is managed by a board of two people, the chairman of the FAM companies and another person responsible for Spain from the Swedish board elected by the shareholders.
The members are registered as a board in Spain. A Director appointed by the NAM Board manages NAM’s activities on the ground in Andalucia del Mar.
NAM has its own employed staff
In order to carry out its management, the NAM company employs its own staff in the form of currently two administrative posts, one of which is the responsible manager of the activities, cleaning staff and a handyman who, among other things, carries out repairs in the apartments and is responsible for the NAM company’s car pool.
The head of the NAM company represents the FAM companies at the annual meetings of the two Comunidades and is in regular contact with the Comunidades’ boards and administration.
The NAM office manager manages the operations in Spain and works closely with the Spanish manager on the Board of Directors and manages the receipt of offers, tenders, etc. from all Spanish suppliers, as well as inspecting and approving deliveries and work performed.
NAM and the economy
The NAM company prepares an annual budget which is presented and approved by the FAM Board. A Spanish accounting firm, Gestoria, carries out the company’s day-to-day accounting and assists in other legal matters.
The NAM company is audited twice a year (half-yearly and yearly) by an auditor who provides the NAM and FAM boards with audit reports on the company’s performance, finances and accounts. There is no requirement for an audit in Spanein, but an auditor is hired to ensure quality.
This accounting firm can also assist with any other legal matters in Spain if necessary.
How to find NAM
The NAM company has its service office in an apartment owned by the company in the area, No. 16 in Casa 7, ground floor. The office is open every day of the week during the service hours indicated on the website.
Extra service missions are offered to owners according to a price list set annually by the FAM Board.
The service company also provides a service in the form of public or rented storage for the owners’ private belongings.
The service office administers the granting of rights of use in cases where an owner is unable to be in Andalucia del Mar on their weeks.
Any granting of rights of use must always be done via the NAM office, mainly due to Spanish legislation. It is only through the NAM office that a right of use can be granted. If an owner violates this, the right of use can be withdrawn from the owner in accordance with the provisions of the Rules and Regulations.
The NAM office also performs various other administrative tasks for the FAM companies, e.g. administration of sales of shares/weeks, administration of the share register, etc.
Cooperation agreement A cooperation agreement has been drawn up between the 28 FAM companies and the NAM company, which sets out the services NAM provides to the companies within the FAM concept.
The Board and the NAM office work closely together to keep the companies together and provide owners with a great stay in AdM during their weeks. The joint board and administration makes it more cost-effective and the NAM office staff are the glue that holds FAM together.
Joint ownership
As an owner, you have the right to use your weeks – we do not own an apartment but the right to use certain weeks in an apartment. It is a joint ownership and living arrangement. This means many advantages but also a shared responsibility to take care of what we have, both the apartment, what is in the apartment and our cars. It also means that the decisions of the board are made to be right for the companies and the vast majority of owners.
The FAM concept
The FAM Group is unique and something beautiful that is really worth cherishing! In the FAM companies, we work together to create and maintain a familiar and pleasant atmosphere between the owners.
What is expected of you as an owner
Our unique concept offers many advantages for you as an owner with a carefree and cost-effective ownership in Spain with high service.
It also means that there are certain expectations of you and your contribution to the concept. As an owner, you are expected to be familiar with and comply with our Terms and Conditions and you should be familiar with our Articles of Association.
It is important that you attend the Annual General Meetings in Stockholm. If you are unable to attend in person, we ask that you do so by proxy to the Board or another representative.
It is important that you read the information sent out by e-mail and on the website, www.andaluciadelmar.se.
Here you will also find all the information about the concept, our apartments, contact details and information about the area etc.
You create an account on the website/owner page to find information for owners. It is important that you also keep your contact details up to date.
Board of Directors of the FAM companies, 241112
