Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 166

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 166
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 Second Additional Provision of Law 29/1987 of December 18 approving the Inheritance and Gift Tax Law, non-Spanishtax resident individuals may be subject to Spanish Inheritance and Gift Tax in accordance with the rules set forth in the relevant autonomous regions in accordance with the law. As such, prospective investors should consult their tax advisers. The State’s effective tax rate, after applying all relevant factors, ranges between 0% and 81.6%. In the event that the beneficiary is an entity other than a natural person, the income obtained shall be subject to Non-ResidentIncome Tax and without prejudice, in the latter event, to the provisions of any DTT that may apply. Tax Reporting Obligations of the Issuer According to Article 44 of the regulations approved by RD 1065/2007, income (as defined herein) obtained in respect of the Preferred Securities will not be subject to withholding tax in Spain, provided certain requirements are met, including that the Paying Agent appointed by BBVA provides BBVA, in a timely manner, with a duly executed and completed Payment Statement containing the following information:

| (i) | identification of the securities; |

| (ii) | payment date; |

| (iii) | total amount of income paid on the relevant date; and |

| (iv) | total amount of the income corresponding to each clearing house located outside Spain. |

The Indenture provides for the timely provision by the Paying Agent of a duly executed and completed Payment Statement in connection with each payment of income under the Preferred Securities. If, however, the Paying Agent fails to deliver a duly executed and completed Payment Statement on a timely basis, in respect of a Distribution Payment Date or in connection with a redemption date, then the related payment will be subject to Spanish withholding tax, currently at the rate of 19%. If this were to occur, BBVA would not pay Additional Amounts and owners of a beneficial interest in the Preferred Securities would have to follow the procedures set forth under “— Spanish Direct Refund from Spanish Tax Authorities” in order to apply directly to the Spanish tax authorities for any refund to which they may be entitled. Prospective investors should note that BBVA does not accept any responsibility relating to the lack of delivery of a duly executed and completed Payment Statement by the Paying Agent in connection with any payment of income under the Preferred Securities. Accordingly, BBVA will not be liable for any damage or loss suffered by any holder or beneficial owner who would otherwise be entitled