Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 167

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 167
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 to an exemption from Spanish withholding tax but whose payments under the Preferred Securities are nonetheless paid net of Spanish withholding tax because the relevant Payment Statement was not duly delivered to BBVA. In the event that there are changes to Spanish law, regulations, interpretations or rulings of the Spanish tax authorities, the procedures set forth in the Indenture may become insufficient or obsolete, and BBVA may be required to apply withholding tax on Distributions (or other payments of income) in respect of the Preferred Securities if, for example, the holders do not comply with any new information requirements that may be imposed. S-103

Conversion of the Preferred Securities into Common Shares

Individuals with tax residency in Spain

Personal Income Tax

Income obtained on the conversion of the Preferred Securities into Common Shares, computed as the difference between the market value of the
Common Shares received and the acquisition or subscription value of the Preferred Securities delivered in exchange, will be considered as a return on investment obtained from the transfer of own capital to third parties in accordance with the
provisions of Section 25.2 of the PIT Law.

The tax treatment will be as described above in relation to the Personal Income Tax
treatment in respect of the Preferred Securities.

Corporate Income Tax

Subject to the applicable accounting regulations, income derived from the conversion of the Preferred Securities into Common Shares will be
computed as the difference between the market value of the Common Shares received and the book value of the Preferred Securities delivered in exchange. Such income will be subject to CIT at the current general rate of 25%, in accordance with the
rules for this tax.

The tax treatment will be as described above in relation to the Corporate Income Tax treatment in respect of the
Preferred Securities.

Individuals and Legal Entities with no Tax Residency in Spain

Non-ResidentIncome Tax

Non-Spanish tax resident investors operating through a permanent establishment in Spain are subject to
the same tax treatment that applies to Spanish CIT taxpayers.

Income obtained by non-Spanish tax resident investors on the conversion
of the Preferred Securities into Common Shares will be exempt from such NRIT and from withholding tax on account of NRIT.

The tax
treatment applicable to the income obtained will be as described above in relation to the Non-Resident Income Tax treatment in respect of the Preferred Securities.

Common Shares

Investors with no Tax Residency in Spain

Non-ResidentIncome Tax

Taxation of dividends

Under
Spanish law, dividends paid to a non-Spanish resident Holder in Spain not acting through a