Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 48

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 48
---
 the accompanying prospectus.

| 2.2 | Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto 
 Temporal de Solidaridad de las Grandes Fortunas)                           |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—2.2. Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto Temporal de Solidaridad de las Grandes Fortunas)” in the accompanying prospectus. S-28

| 2.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—2.3 Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones)” in the accompanying prospectus. 3. Individuals and Legal Entities with no tax residency in Spain This section analyzes the tax treatment applicable to holders who are non-residentfor tax purposes in Spanish territory and are beneficial owners of the debt securities. Non-residentholders are individuals who are not IIT taxpayers and entities non-residentin Spanish territory, pursuant to Article 6 of the NRIT Law. The tax regime described herein is general in nature, and the specific circumstances of each taxpayer should be considered in the light of the applicable double taxation treaties.

| 3.1 | Non-resident Income Tax (Impuesto sobre la renta de No 
 Residentes)                                            |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—3.1 Non-residentIncome Tax (Impuesto sobre la renta de No Residentes)”in the accompanying prospectus.

| 3.2 | Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto Temporal de Solidaridad 
 de las Grandes Fortunas)                                                                           |

Individuals resident in a country with which Spain has entered into a treaty for the avoidance of double taxation (“DTT”) in relation to Net Wealth Tax would generally not be subject to such tax. Otherwise, non-Spanishresident individuals whose properties and rights are located in Spain, or that can be exercised within the Spanish territory, exceed EUR 700,000 on the last day of any given year would be subject to Net Wealth Tax. The applicable rates currently range between 0.2% and 3.5%. The U.S. – Spain Income Tax Treaty (the “T