Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 301

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 301
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 will not be subject to withholding tax on account of CIT. Finally, losses arising on the transfer of the ordinary shares may be tax deductible under certain circumstances. Shareholders are urged to consult their tax advisors regarding the tax deductibility of losses arising on the transfer of the ordinary shares.

| 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 ordinary shares by inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax but must include the market value of the ordinary shares in their taxable income for Spanish CIT purposes. 3. Individuals and legal entities with no tax residency in Spain

| 3.1 | Non-Residents Income Tax (Impuesto sobre la Renta de No 
 Residentes)                                             |

a) Non-Spanishtax resident investors acting through a permanent establishment in Spain Taxation on dividends If the ordinary shares 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 ordinary shares are the same as those for legal entities with tax residency in Spain described in section D.2.1(a) above. Ownership of the ordinary shares by investors who are not resident for tax purposes in Spain will not in itself create the existence of a permanent establishment in Spain. Taxation of capital gains If the ordinary shares 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 capital gains derived from such 152

ordinary shares are the same as those for legal entities with tax residency in Spain described section D.2.1(b) above. b) Non-Spanishtax resident investors not operating through a permanent establishment in Spain Taxation of dividends According to the NRIT Law, dividends paid by a Spanish resident company to a non-Spanishtax resident shareholder not holding the ordinary shares through a permanent establishment located in Spain are subject to NRIT, withheld at the source on the gross amount of dividends, at the applicable rate (currently set