Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 305

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 305
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 not possible to offset losses derived from a given transfer of shares against capital gains obtained upon another transfer of shares. However, capital gains derived from the transfer of ordinary shares will be exempt from NRIT in Spain in any of the three following cases:

| • |     | Capital gains derived from the transfer of the shares on an official Spanish secondary stock market (such as the                                                                                      
 Madrid, Barcelona, Bilbao or Valencia stock exchanges) by any non-Spanish tax resident shareholder who is tax resident of a country that has entered into a DTT with Spain containing an “exchange of 
 information” clause. This exemption is not applicable to capital gains obtained by a non-Spanish shareholder through a country or territory that is defined as a                                      
 non-cooperative jurisdiction (jurisdicción no cooperativa) by Spanish regulations.                                                                                                                    |

| • |     | Capital gains obtained directly by any non-Spanish tax resident                                                                                                                       
 shareholder resident of another EU Member State or indirectly through a permanent establishment of such non-Spanish shareholder in a EU Member State other than Spain, provided that: |

| i. | the issuer’s assets do not mainly consist of, directly or indirectly, Spanish real estate; |

| ii. | if the non-resident transferor is an individual, at any time during the                                                                                        
 preceding 12 months the non-Spanish tax resident shareholder has not held a direct or indirect interest of at least 25% in the issuer’s capital or net equity; |

| iii. | if the non-resident transferor is an entity, and transfer of the                                                        
 issuer’s shares complies with the requirements to apply CIT participation exemption regime (see paragraph 2.1 (b)); and |

| iv. | the gain is not obtained through a country or territory defined as a                             
 non-cooperative jurisdiction (jurisdicción no cooperativa) under applicable Spanish regulations. |

This exemption shall also apply to capital gains which have not been obtained through a permanent establishment in Spain by individuals and entities resident for tax purposes in Member States of the EEA (other than Spain), or permanent establishments of these resident in other Member States of the EEA (other than Spain), provided that the requirements set forth in the NRIT Law are met.

| • |     | Capital gains realised by non-Spanish tax resident shareholders who                                                                                                                                       
 benefit from a DTT that provides for taxation only in such non-Spanish shareholders’s country of residence. As a result, capital gains realized by a U