Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 176

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 176
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 details, prospective holders should consult their tax advisers.

S-109

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

We believe that we were not a passive foreign investment company (a “PFIC”) for U.S. federal income tax purposes for our
prior taxable year and do not expect to be a PFIC for our current taxable year. In the opinion of Davis Polk & Wardwell LLP, the discussion under the caption “U.S. Tax Considerations” in the accompanying prospectus, to the
extent it relates to contingent convertible preferred securities, as supplemented or superseded by the following discussion, describes the material U.S. federal income tax consequences of the ownership and disposition of the Preferred Securities to
the U.S. Holders described therein. Prospective investors are urged to read that discussion and to consult their tax advisers as to the U.S., Spanish or other tax consequences of the ownership and disposition of the Preferred Securities in their
particular circumstances, including the effect of any U.S. state or local tax laws.

Sale, Redemption and Other Disposition of the Preferred Securities

The following discussion supersedes and replaces the discussion in the accompanying prospectus under the caption “U.S. Tax Considerations—BBVA Contingent Convertible Preferred Securities—Sale, Redemption and Other Disposition of Contingent Convertible Preferred Securities” solely as it relates to the Preferred Securities offered hereby.

Gain or loss realized by a U.S. Holder on the sale, redemption or other disposition of contingent convertible preferred securities (other than
the receipt of ordinary shares or ADSs upon conversion, which will be treated as described below under “—Conversion”) generally will be subject to U.S. federal income tax as capital gain or loss, provided that in the case of
redemption the U.S. Holder does not own, actually or constructively, any of our ordinary shares, ADSs or other instruments treated as equity for U.S. federal income tax purposes immediately after the redemption or the redemption is not otherwise
treated as “essentially equivalent to a dividend.” The amount of any gain or loss will be equal to the difference between the U.S. Holder’s tax basis in the contingent convertible preferred securities and the amount realized on the
disposition, in each case as determined in U.S. dollars. Such gain or loss will be long-term capital gain or loss if the U.S. Holder owned the contingent convertible preferred securities for more than one year. Any gain or loss will generally be
U