Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 204

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 204
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treaty is applicable, non-Spanish tax resident individuals who acquire ownership or other rights over BBVA shares by inheritance, gift or legacy will be subject to inheritance and gift tax in accordance with
Spanish legislation. Non-Spanish tax resident individuals are subject to Spanish inheritance and gift tax according to the rules set forth in the relevant autonomous regions according to the law. As such,
prospective shareholders should consult their tax advisers.

The effective tax rate, after application of all relevant factors, ranges
between 0% and 81.6%.

Gifts granted to corporation Qualifying Shareholders are subject to NRIT at a 19% tax rate on the fair market value
of the BBVA shares as a capital gain. However, the exemptions available under the United States-Spain Treaty, described in “—Taxation of Capital Gains or Losses” above, will be
applicable to Qualifying Shareholders.

Transfer Tax and VAT

Subscription, acquisition and transfers of BBVA shares are exempt from Transfer Tax and Value Added Tax. Additionally, no stamp duty or
registration tax is levied as a result of such subscription, acquisition or transfers of BBVA shares.

147

Compliance In certain circumstances, the Spanish tax authorities can impose penalties for failure to comply with the Spanish tax requirements referred to for Taxation of Capital Gains or Losses and Inheritance and Gift Tax above. Such penalties may in certain cases be based on the amount of tax payable. Material U.S. Federal Income Tax Considerations for U.S. Holders The following are material U.S. federal income tax consequences to the U.S. Holders described below of (i) exchanging their Banco Sabadell shares for BBVA shares and cash described in “Dividend Payments” above pursuant to the terms of the exchange offer and (ii) the ownership and disposition of BBVA shares received by U.S. Holders pursuant to the exchange offer (or of BBVA ADSs that a U.S. Holder may own following an exchange of BBVA shares received in the exchange offer), but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to participate in the exchange offer. For the avoidance of doubt, BBVA ADSs are not being offered as consideration pursuant to the exchange offer. The discussion applies only to U.S. Holders that hold Banco Sabadell shares, and will hold BBVA shares or BBVA ADSs, as capital assets for U.S.