Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 674

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 674
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 during 2024 so, at the reporting date, Grupo Santander does not have subsidiaries in non-cooperative jurisdictions. ii. Offshore branches Grupo Santander has threeoffshore branches in the Cayman Islands, the Isle of Man and Jersey. They report to, and consolidate balance sheets and income statements with, their foreign headquarters. They are taxed either with their headquarters (the Cayman Islands branch in Brazil) or in the territories they are located in (Jersey and Isle of Man, pertain to the UK). These threeoffshore branches have a total of 167employees as of December 2024. iii. Subsidiaries in non-cooperative jurisdictions that are tax resident in the United Kingdom Grupo Santander also has twosubsidiaries that were incorporated in offshore jurisdictions ( onein Bermuda without activity and onein Guernsey with leasing activity), but are not deemed offshore entities because they only operate from and are tax resident in the UK and, thus, are subject to British tax law. iv. Other offshore holdings From Brazil, Grupo Santander manages Santander Brazil Global Investment Fund SPC, a segregated portfolio company located in the Cayman Islands. The Group also has other non-controlling financial interest of a reduced amount in entities located in non-cooperative jurisdictions. The European Union (EU) In February 2025, the Council of the EU updated the blacklist of non-cooperative jurisdictions for tax purposes, which currently contains 11jurisdictions. Additionally, the EU grey list comprises 8jurisdictions which have sufficiently committed to adapt their legislation to international tax standards, subject to monitoring by the EU. Both lists are subject to permanent review and update. Santander is not present in any of the countries and territories included in these lists.

Organization for Economic Cooperation and Development (OECD) Grupo Santander is not present in any jurisdiction non-compliant with both OECD standards on transparency and exchange of information for tax purposes (Automatic exchange of information standard -AEOI- and Exchange of information on request standard -EOIR-), according to the last annual report of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes released in November 2024. However, although The Bahamas and Chile -jurisdictions where the Group is present- have complete legal and regulatory frameworks in place for the application of the AEOI standard, they need to improve the effectiveness of this standard.

The Group's presence in offshore territories at the end of 2024 is as follows:

| Presence of the Group in non