Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 295

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 295
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 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 are (i) are located, (ii) can be exercised or (ii) must be fulfilled. 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. The effective tax rate ranges between 7.65% 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, DTT 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 ITT, CIT and NRIT |

If the debt securities are not listed on a regulated market, a multilateral trading facility or an organized market on any payment date, interest or income from the transfer, redemption or repayment obtained by holders 140

who are not resident in Spain (and do not act through a permanent establishment in Spain in respect of the debt securities) and are the beneficial owners of the debt securities, will be subject to withholding tax at the then-applicable general rate (currently set at 19%), except in the case of holders who are: (a) resident in a Member State of the EU or the EEA other than Spain and obtain the interest income either directly or through a permanent establishment located in another Member State of the EU or the EEA, provided that such holders (i) do not obtain the interest income on the debt securities through a permanent establishment in Spain or in a country or jurisdiction which is not a Member State of the EU or the EEA and (ii) are not resident of, or are not