Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 281

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 281
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 custodian). Notwithstanding the above, amounts withheld, if any, may be credited by the relevant investors against its final CIT liability. 138

| 2.2 | Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto Temporal de Solidaridad 
 de las Grandes Fortunas)                                                                           |

Legal entities resident in Spain for tax purposes are not subject to the Net Wealth Tax nor to the Solidarity Tax.

| 2.3 | Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones) |

Legal entities 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 but must include the market value of the debt securities in their taxable income for Spanish CIT purposes. 3. Individuals and Legal Entities with no tax residency in Spain This section analyzes the tax treatment applicable to holders who are non-residentfor tax purposes in Spanish territory and are beneficial owners of the debt securities. Non-residentholders are individuals who are not IIT taxpayers and entities non-residentin Spanish territory, pursuant to Article 6 of the NRIT Law. The tax regime described herein is general in nature, and the specific circumstances of each taxpayer should be considered in the light of the applicable double taxation treaties.

| 3.1 | Non-resident Income Tax (Impuesto sobre la renta de No 
 Residentes)                                            |

(a) Non-Spanishtax resident investors acting through a permanent establishment in Spain If the debt securities form part of the assets of a permanent establishment in Spain of a person or legal entity who is not resident in Spain for tax purposes, the tax rules applicable to income deriving from such debt securities are, generally, the same as those previously set out for Spanish CIT taxpayers. See “ Taxation in Spain—Legal Entities with Tax Residency in Spain—Corporate Income Tax (Impuesto sobre Sociedades)”. Ownership of the debt securities by investors who are not resident for tax purposes in Spain will not in itself create the existence of a permanent establishment in Spain. (b) Non-Spanishtax resident investors not operating through a permanent establishment in Spain Both interest payments received periodically and income derived from the transfer, redemption or repayment of the debt securities, obtained by individuals or entities who are not resident in Spain for tax purposes and who do not act, with respect to the debt securities listed on a regulated market, a multilateral trading facility or an organized