Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 291

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 291
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 year. The applicable marginal rates range between 0.2% and 3.5%, although the final tax rates may vary depending on any applicable regional tax laws, and some reductions may apply. In addition, the solidarity provisional wealth tax for high-net-worthindividuals (the so-called“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. 137

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. 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. Prospective investors are advised to seek their own professional advice in relation to the Net Wealth Tax and the Solidarity Tax.

| 1.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

Individuals resident in Spain for tax purposes who acquire ownership or other rights over any debt 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. The effective tax rates currently range between 7.65% and 81.6% depending on relevant factors (such as the amount of the gift or inheritance, the net wealth of the heir or beneficiary of the gift, and the kinship with the deceased or the donor). Some tax benefits could reduce the effective tax rate. In addition, the final tax rate may vary depending also on the legislation