Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 54

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 54
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 Considerations—Taxation of Debt Securities” for a discussion of the U.S. federal income tax consequences of the ownership and disposition of the Notes to the U.S. Holders described therein, as supplemented or superseded by the following discussion. This discussion does
not address all the U.S. federal income tax considerations that may be relevant to U.S. Holders whose securities are repurchased in the Tender Offers, and such U.S. Holders should consult their tax advisors regarding the U.S. federal income tax
consequences to them of the redemption of their securities pursuant to the Tender Offers and the ownership and acquisition of the Notes pursuant to this offering.

Sale, Retirement or Other Taxable Disposition of the Notes

The following discussion supersedes and replaces, solely insofar as it relates to the Notes offered hereby, the third paragraph of the discussion under the heading “Taxation—U.S. Federal Income Tax Considerations—Taxation of Debt Securities—Sale, Retirement or Other Taxable Disposition of the Debt Securities” in the accompanying prospectus, and should be read in conjunction with the discussion under the heading “Taxation—U.S. Federal Income Tax Considerations—Taxation of Debt Securities” as if it appeared therein.

If any Spanish tax is imposed on a disposition of a Note, Treasury regulations generally provide that the tax will not be creditable against a
U.S. Holder’s U.S. federal income tax liability. However, the Internal Revenue Service released notices that indicate that the Treasury Department and the Internal Revenue Service are considering amendments to these Treasury regulations and
provide relief from certain of their provisions for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). However,
because any gain from dispositions of debt securities will generally be U.S. source, even if these Treasury regulations will not deny a U.S. Holder’s right to claim foreign tax credit with respect to Spanish taxes on disposition gains, other
limitations under the foreign tax credit rules may preclude a U.S. Holder from claiming a foreign tax credit with respect to these taxes, if any. If a U.S. Holder is precluded from claiming a foreign tax credit, it is possible that the Spanish tax
may either be deductible or reduce the amount realized on the disposition. U.S. Holders should consult their tax advisors regarding the creditability or deductibility of any Spanish tax on disposition gains in their particular circumstances,
including any applicable limitations