Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 50

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 50
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-residentIncome Tax (Impuesto sobre la renta de No Residentes)”in the accompanying prospectus. S-29

Non-Spanishresident legal entities are not subject to Net Wealth Tax nor to the Solidarity Tax. Prospective investors are advised to seek their own professional advice in relation to the Net Wealth Tax and the Solidarity Tax.

| 3.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

Individuals not resident in Spain for tax purposes who acquire ownership or other rights over 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, unless they reside in a country for tax purposes with which Spain has entered into a DTT in relation to Inheritance and Gift Tax. In such case, the provisions of the relevant DTT will apply. The U.S. and Spain have not entered into a DTT in relation to Inheritance and Gift Tax. If no DTT in relation to Inheritance Gift Tax applies, individuals who are non-residentin Spain for tax purposes will be subject to Inheritance and Gift Tax in accordance with Spanish legislation, to the extent that rights deriving from the debt securities (i) are located, (ii) can be exercised or (iii) must be fulfilled within Spanish territory. If either the deceased or the donee is not resident in Spain for tax purposes, the applicable rules will be those corresponding to the relevant Spanish Autonomous Region in accordance with the law. As such, prospective investors should consult their tax advisors. Although the tax rate ranges between 7.65% and 34%, the effective tax rates range between 0% and 81.6% depending on relevant factors (including the legislation of the corresponding Autonomous Region). Some tax benefits could reduce the effective tax rate. Legal entities not resident in Spain for tax purposes which acquire ownership or other rights over the debt securities by inheritance, gift or legacy are not subject to the Spanish Inheritance and Gift Tax. Such acquisitions will be subject to NRIT (as described above), except as provided in any applicable DTT entered into by Spain. In general, DTTs provide for the taxation of this type of income solely in the country of tax residence of the holder of the debt securities. 4. Tax Rules for debt securities not Listed on a regulated market, a multilateral trading facility or an organized market

| 4.1 | Withholding on Account of IIT, CIT and NR