Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 49

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 49
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reaty”) does not address Net Wealth Tax. Individuals who are non-residentin Spain for tax purposes may apply the rules approved by the Autonomous Region where the assets and rights with more value (i) are located, (ii) can be exercised or (iii) must be fulfilled. In addition, the Solidarity Tax was approved in December 2022 by the Solidarity Tax Law. The Solidarity Tax is a direct and personal tax that complements the Net Wealth Tax in which the taxable event is a natural person’s ownership of at least EUR 3,000,000 in net assets on 31 December of each year. The taxpayers of the Solidarity Tax and the Net Wealth Tax are individuals. In practice, as the Solidarity Tax Law allows the Net Wealth Tax amount payable to be deducted, the Solidarity Tax generally has a greater impact on taxpayers who apply the rules approved by an Autonomous Region in which the Net Wealth Tax is not paid. The rates of the Solidarity Tax are (i) 1.7% on a net worth between EUR 3,000,000 and EUR 5,347,998.03, (ii) 2.1% on a net worth between EUR 5,347,998.03 and EUR 10,695,996.06 and (iii) 3.5% on a net worth of more than EUR 10,695,996.06. Although the Solidarity Tax was initially designed to be temporary, its application has been indefinitely extended, pursuant to the Fifth Additional Provision of Royal Decree-Law8/2023 of 27 December adopting measures to deal with the economic and social consequences of the conflicts in Ukraine and the Middle East and to alleviate the effects of the drought (Real Decreto-ley8/2023, de 27 de diciembre, por el que se adoptan medidas para afrontar las consecuencias económicas y sociales derivadas de los conflictos en Ucrania y Oriente Próximo, así como para paliar los efectos de la sequía), until a revision of Spanish wealth taxation takes place in the context of a reform of the Spanish regional financing system. However, non-Spanishresident individuals will be exempt from Net Wealth Tax and Solidarity Tax in respect of the debt securities to the extent that the income deriving from the debt securities is exempt from NRIT as described in “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—3.1 Non