Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 303

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 303
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 or EEA parent company proves that its incorporation and its operative responds to valid economic reasons and to substantive economic activities. In addition, shareholders resident in certain countries will be entitled to the benefits of a DTT. Such shareholders may benefit from a reduced tax rate or an exemption under an applicable treaty with Spain, subject to the satisfaction of any conditions specified in the DTT, including providing evidence of the tax residence of the non Spanish shareholder by means of a valid certificate of tax residence duly issued by the tax authorities of the country of tax residence of the non Spanish shareholder (the U.S. Internal Revenue Service for U.S. shareholders) or, as the case may be, the equivalent document specified in the Spanish Order which further develops the applicable DTT. 153

According to the Order of the Ministry of Economy and Finance of 13 April 2000, upon distribution of a dividend, the issuer or its paying agent will withhold an amount equal to the tax amount required to be withheld according to the general rules set forth above (e.g., applying the general withholding tax rate of 19%), transferring the resulting net amount to the depositary. For this purpose, the depositary is the financial institution with which the non Spanish shareholder has entered into a contract of deposit or management with respect to shares in the issuer held by such shareholder. If the depositary of the non Spanish shareholder is resident, domiciled or represented in Spain and it provides timely evidence of the non Spanish shareholder right to obtain the treaty reduced rate or the exemption in the manner set out in the Order of the Ministry of Economy and Finance of 13 April 2000, it will immediately receive the surplus amount withheld, which will be credited to the non Spanish shareholder (the “Quick Refund Procedure”). For these purposes, the shareholder shall provide the relevant depository with a valid certificate of tax residence issued by the relevant tax authorities of the non Spanish shareholder’s country of residence stating that, for the records of such authorities, the non Spanish shareholder is a resident of such country within the meaning of the relevant DTT, or as the case may be, the equivalent document regulated in the Order which further develops the applicable DTT. The relevant certificate of residence must be provided before the tenth day following the end of the month in which the dividends were paid. The tax certificate is generally valid only for a period of one year from the date of issuance and if it refers to a specific period, it will only be valid for that period. The Quick refund Procedure will only be applicable to the extent that