Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 67

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 67
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 such case, the provisions of the relevant DTT will apply. The U.S. and Spain have not entered into a DTT in relation to Inheritance and Gift Tax. If no DTT in relation to Inheritance Gift Tax applies, individuals who are non-residentin Spain for tax purposes will be subject to Inheritance and Gift Tax in accordance with Spanish legislation, to the extent that rights deriving from the debt securities (i) are located, (ii) can be exercised or (iii) must be fulfilled within Spanish territory. If either the deceased or the donee is not resident in Spain for tax purposes, the applicable rules will be those corresponding to the relevant Spanish Autonomous Region in accordance with the law. As such, prospective investors should consult their tax advisors. Although the tax rate ranges between 7.65% and 34%, the effective tax rates range between 0% and 81.6% depending on relevant factors (including the legislation of the corresponding Autonomous Region). Some tax benefits could reduce the effective tax rate. Legal entities not resident in Spain for tax purposes which acquire ownership or other rights over the debt securities by inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax. Such acquisitions will be subject to NRIT (as described above), except as provided in any applicable DTT entered into by Spain. In general, DTTs provide for the taxation of this type of income solely in the country of tax residence of the holder of the debt securities. 4. Tax Rules for debt securities not Listed on a regulated market, a multilateral trading facility or an organized market

| 4.1 | Withholding on Account of IIT, CIT and NRIT |

If the Notes are not listed on a regulated market, a multilateral trading facility or an organized market in an OECD country on any payment date, interest or income from the redemption or repayment obtained by holders will be subject to withholding tax at the then-applicable general rate (currently set at 19% on account of IIT, CIT or NRIT, as applicable), except in the case of holders who are: (a) resident in a Member State of the EU (other than Spain) or in a Member State of the European Economic Area (other than Spain) which has entered into an effective exchange of tax information agreement with Spain, and obtain the income either directly or through a permanent establishment located in another Member State of the EU (other than Spain) or in a Member State of the EEA (other than Spain) which