Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 301

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 301
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 generally applicable rate of 19%. In case the contingent convertible capital securities are held by a Spanish resident entity and deposited with a Spanish resident entity acting as depositary or custodian, the withholding tax will be generally levied by such depositary or custodian. Notwithstanding the above, amounts withheld, if any, may be credited by the relevant investors against its final CIT liability.

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

Legal entities resident in Spain for tax purposes are not subject to the Net Wealth Tax nor to the Solidarity Tax.

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

Legal entities resident in Spain for tax purposes which acquire ownership or other rights over the contingent convertible capital securities by inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax but must include the market value of the contingent convertible capital securities in their taxable income for Spanish CIT purposes. 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 contingent convertible capital 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 DTT. 144

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

(a) Non-Spanishtax resident investors acting through a permanent establishment in Spain If the contingent convertible capital securities form part of the assets of a permanent establishment in Spain of a person or legal entity who is not resident in Spain for tax purposes, the tax rules applicable to income deriving from such contingent convertible capital securities are, generally, the same as those previously set out for Spanish CIT taxpayers. See “Taxation in Spain —Legal Entities with Tax Residency in Spain—Corporate Income Tax (Impuesto sobre Sociedades)”. Ownership of the contingent convertible capital securities by investors who are not resident for tax purposes in Spain will not in itself create the existence of a permanent establishment in Spain. (b) Non-Spanishtax resident investors not operating through a permanent establishment in Spain