Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 303

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 303
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 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 will have a greater impact on taxpayers residing in autonomous regions in which the Net Wealth Tax is not paid (in essence, the Autonomous Region of Madrid and Andalusia). The rates of the Solidarity Tax are (i) 1.7% on a net worth between EUR 3,000,000 and EUR 5,000,000, (ii) 2.1% on a net worth between EUR 5,000,000 and EUR 10,000,000 and (iii) 3.5% on a net worth of more than EUR 10,000,000. 145

The Solidarity Tax is designed to be temporary and will remain in force for two fiscal years, although the Solidarity Tax Law includes a review clause allowing the legislator to assess whether to extend it at the end of the initial period. However, non-Spanishresident individuals will be exempt from the Net Wealth Tax and the Solidarity Tax in respect of the contingent convertible capital securities to the extent that the income deriving from the contingent convertible capital securities is exempt from NRIT as described above. Non-Spanishresident legal entities are not subject to the Net Wealth Tax nor to the Solidarity Tax. Prospective investors are advised to seek their own professional advice in relation to the Net Wealth Tax and the Solidarity Tax.

| 3.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

Individuals not resident in Spain for tax purposes who acquire ownership or other rights over contingent convertible capital securities by inheritance, gift or legacy, will be subject to the Spanish Inheritance and Gift Tax in accordance with the applicable Spanish regional and state rules, unless they reside in a country for tax purposes with which Spain has entered into a DTT in relation to Inheritance and Gift Tax. In 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-resident