Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 64

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 64
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 Real Decreto-ley8/2023, de 27 de diciembre, por el que se adoptan medidas para afrontar las consecuencias económicas y sociales derivadas de los conflictos en Ucrania y Oriente Próximo, así como para paliar los efectos de la sequía), until a revision of Spanish wealth taxation takes place in the context of a reform of the Spanish regional financing system. 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. Although the tax rate ranges between 7.65% and 34%, the effective tax rates range between 0% 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 of the corresponding Autonomous Region. 2. Legal Entities with Tax Residency in Spain

| 2.1 | Corporate Income Tax (Impuesto sobre Sociedades) |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—2.1. Corporate Income Tax (Impuesto sobre Sociedades)” in the accompanying prospectus.

| 2.2 | Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto 
 Temporal de Solidaridad de las Grandes Fortunas)                           |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—2.2. Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto Temporal de Solidaridad de las Grandes Fortunas)” in the accompanying prospectus. S-39

| 2.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—2.3 Inheritance and Gift Tax (Impuesto sobre Sucesiones y