Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 289

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 289
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 not withhold tax on income payments to Spanish CIT taxpayers. This without prejudice to the information reporting obligations of Banco Santander under the general provisions of Spanish tax legislation. However, to the extent that, among other requirements, the information about the contingent convertible capital securities required by Exhibit 99.1 is not submitted to Banco Santander in the manner indicated therein, such interest and income paid by Banco Santander shall be subject to withholding on account of CIT at the then-applicable rate (currently set at 19%). If the contingent convertible capital securities do not comply with the exemption requirements specified in the Reply to the Consultation of the Directorate General for Taxation ( Dirección General de Tributos) dated 27 July 2004, income derived from the contingent convertible capital securities may be subject to withholding tax at the generally applicable rate of 19%. In case the contingent convertible capital securities are held by a Spanish resident entity and deposited with a Spanish resident entity acting as depositary or custodian, the withholding tax will be generally levied by such depositary or custodian. Notwithstanding the above, amounts withheld, if any, may be credited by the relevant investors against its final CIT liability.

| 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 contingent convertible capital securities by inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax but must include the market value of the contingent convertible capital securities in their taxable income for Spanish CIT purposes. 3. Individuals and Legal Entities with no tax residency in Spain This section analyzes the tax treatment applicable to holders who are non-residentfor tax purposes in Spanish territory and are beneficial owners of the contingent convertible capital securities. Non-residentholders are individuals who are not IIT taxpayers and entities non-residentin Spanish territory, pursuant to Article 6 of the NRIT Law. The tax regime described herein is general in nature, and the specific circumstances of each taxpayer should be considered in the light of the applicable DTT. 144

| 3.1 | Non-resident Income Tax (Impuesto sobre la renta de No