Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 313

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 313
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 inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax but must include the market value of the ordinary shares in their taxable income for Spanish CIT purposes. 3. Individuals and legal entities with no tax residency in Spain

| 3.1 | Non-Residents Income Tax (Impuesto sobre la Renta de No 
 Residentes)                                             |

a) Non-Spanishtax resident investors acting through a permanent establishment in Spain Taxation on dividends If the ordinary shares form part of the assets of a permanent establishment in Spain of a person or legal entity who is not resident in Spain for tax purposes, the tax rules applicable to income deriving from such ordinary shares are the same as those for legal entities with tax residency in Spain described in section D.2.1(a) above. Ownership of the ordinary shares by investors who are not resident for tax purposes in Spain will not in itself create the existence of a permanent establishment in Spain. Taxation of capital gains If the ordinary shares form part of the assets of a permanent establishment in Spain of a person or legal entity who is not resident in Spain for tax purposes, the tax rules applicable to capital gains derived from such 152

ordinary shares are the same as those for legal entities with tax residency in Spain described section D.2.1(b) above. b) Non-Spanishtax resident investors not operating through a permanent establishment in Spain Taxation of dividends According to the NRIT Law, dividends paid by a Spanish resident company to a non-Spanishtax resident shareholder not holding the ordinary shares through a permanent establishment located in Spain are subject to NRIT, withheld at the source on the gross amount of dividends, at the applicable rate (currently set at 19%). This taxation can be eliminated as per the application of the NRIT exemption implementing the EU Council Directive 2011/96/EU of 30 November 2011, on the common system of taxation applicable to parent companies and subsidiaries of different Member States (the “EU Parent-Subsidiary Directive”). Under the EU Parent-Subsidiary Directive exemption, no Spanish withholding taxes should be levied on the dividends distributed by a Spanish subsidiary to its EU parent company, to the extent that the following requirements are met:

| • |     | the EU parent company is the beneficial owner of the income; |

| • |     | the EU parent company maintains a direct or indirect holding in the capital of the Spanish subsidiary of at least                                                                                                                                 
 5 per cent. The holding