Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 381

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 381
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 income tax as capital gain or loss (assuming in the case of a redemption that it is not treated as “essentially equivalent to a dividend,” including in the case that the U.S. Holder does not own, actually or constructively, any of
our ADSs or ordinary shares or other instruments treated as equity for U.S. federal income tax purposes) in an amount equal to the difference between the U.S. Holder’s tax basis in the contingent convertible preferred securities and the amount
realized on the disposition, in each case as determined in U.S. dollars. Such gain or loss will be long-term capital gain or loss if the U.S. Holder held the contingent convertible preferred securities for more than one year. Any gain or loss will
generally be U.S.-source for foreign tax credit purposes. The deductibility of capital losses is subject to limitations. If any Spanish taxes are imposed on disposition gains, they will not be creditable against a U.S. Holder’s U.S. federal
income tax liability.

Conversion

Conversion of contingent convertible preferred securities into ordinary shares or ADSs will generally be treated as a tax-free recapitalization for U.S. federal income tax purposes. A U.S. Holder’s tax basis in the ordinary shares or ADSs received will generally be equal to the U.S. Holder’s tax basis in the contingent
convertible preferred securities and the holding period in the ordinary shares or ADSs received will generally include the holding period of the contingent convertible preferred securities. Ordinary shares or ADSs received upon conversion will
otherwise generally be treated as described under “—BBVA ADSs or Ordinary Shares” above.

106

Passive Foreign Investment Company Rules

Based upon certain proposed Treasury regulations, which are proposed to be effective for taxable years beginning after December 31, 1994
(“Proposed Regulations”) and upon which taxpayers are currently permitted to rely, we believe that we were not a PFIC for U.S. federal income tax purposes for our 2021 taxable year. However, because there can be no assurance that the
Proposed Regulations will be finalized in their current form and because PFIC status depends upon the composition of a company’s income and assets and the market value of its assets from time to time, there can be no assurance that we will not
be considered a PFIC for any taxable year.

In general, if we were treated as a PFIC for any taxable year during which a U.S. Holder owned
ADSs, ordinary shares or contingent convertible preferred securities,