Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 358

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 358
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 Decree 1776/2004, of July 30 promulgating the NRIT 
 Regulations, along with Law 29/1987, of December 18 on Inheritance and Gift Tax.                                                                                                                                                                                                               |

As used herein, the following terms have the following meanings:

| (ii) | A “U.S. Resident” means a U.S. Holder (as defined below under “U.S. Tax Considerations”)                                                                                                                                                                  
 that is a resident of the United States for purposes of the Treaty and entitled to the benefits of the Treaty and whose holding is not effectively connected with a permanent establishment (as defined by the Treaty) in Spain through which such holder 
 carries on or has carried on business or with a fixed base in Spain from which such holder performs or has performed independent personal services.                                                                                                       |

For purposes of Spanish law and the Treaty, an owner of BBVA ADSs will generally be treated as the owner of the ordinary shares underlying the ADSs. Holders of ordinary shares, or ADSs who are not U.S. Residents should consult their own tax advisors, particularly as to the applicability of any Double Tax Treaty referred to as a “DTT”. The statements regarding Spanish tax laws set out below are based on interpretations of those laws as in force on the date of this document and are subject to any change in such law that may take effect after such date. Such statements also assume that each obligation in the deposit agreement and any related agreement will be performed in full accordance with their terms. 93

Ordinary Shares or ADSs Individuals and Legal Entities with no Tax Residency in Spain Non-ResidentIncome Tax (Impuesto sobre la Renta de no Residentes) 1. Investors with no Tax Residency in Spain not acting through a permanent establishment in Spain Taxation of dividends Under Spanish law, dividends paid by a Spanish resident company to a non-Spanishresident holder of ordinary shares or ADSs are subject to the Spanish NRIT and therefore a 19% withholding tax is currently applied on the gross amount of dividends. However, under the Treaty, a U.S. Resident is entitled to the Treaty-reduced rate of 15%, as a general rule, 5% if the U.S. Resident is a corporation which owns more than 10% of the voting rights of the ordinary shares of BBVA, or 0% if received by a U.S. Resident which is either a pension fund (provided that such dividends are not derived from the carrying on of a trade or business