Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 86

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 86
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 Obligations of the Issuer” in the accompanying prospectus and “Spanish Tax Considerations—Tax Reporting Obligations of the Issuer” herein. The Indenture provides for the timely provision by the Paying Agent of a duly executed and completed Payment Statement in connection with each payment of income under the Preferred Securities. See “Certain Terms of the Preferred Securities—Maintenance of Tax Procedures”. If, however, the Paying Agent fails to deliver a duly executed and completed Payment Statement on a timely basis, in respect of a Distribution Payment Date or in connection with
a redemption date, then the related payment will be subject to Spanish withholding tax, currently at the rate of 19%. If this were to occur, BBVA would not pay Additional Amounts and owners of a beneficial interest in the Preferred Securities would
have to follow the procedures set forth under “Spanish Tax Considerations—Spanish Direct Refund from Spanish Tax Authorities” herein in order to apply directly to the Spanish tax authorities for any refund to which they may be
entitled. Prospective investors should note that BBVA will not be liable for any damage or loss suffered by any holder or beneficial owner who would otherwise be entitled 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-54

Certain dealings in the Preferred Securities may be subject to a financial transaction tax, if approved.

On February 14, 2013, the European Commission published a proposal (the “Commission’s Proposal”) for a directive for a common financial transaction tax (“FTT”) in Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain (the “participating Member States”). However, Estonia has since stated that it will not participate.

The Commission’s Proposal has a very broad scope
and could, if implemented, apply to certain dealings in the Preferred Securities (including secondary market transactions) in certain circumstances. However, the issuance and subscription of the Preferred Securities should be exempt.

Under the Commission