Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 65

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 65
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 Donaciones)” in the accompanying prospectus. 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)                                            |

See “ Taxation—Spanish Taxation—A. Taxation in Spain of debt securities—3.1 Non-residentIncome Tax (Impuesto sobre la renta de No Residentes)”in the accompanying prospectus.

| 3.2 | Net Wealth Tax (Impuesto sobre el Patrimonio) and Solidarity Tax (Impuesto Temporal de Solidaridad 
 de las Grandes Fortunas)                                                                           |

Individuals resident in a country with which Spain has entered into a treaty for the avoidance of double taxation (“DTT”) in relation to Net Wealth Tax would generally not be subject to such tax. Otherwise, non-Spanishresident individuals whose properties and rights are located in Spain, or that can be exercised within the Spanish territory, exceed EUR 700,000 on the last day of any given year would be subject to Net Wealth Tax. The applicable rates currently range between 0.2% and 3.5%. The U.S. – Spain Income Tax Treaty (the “Treaty”) does not address Net Wealth Tax. Individuals who are non-residentin Spain for tax purposes may apply the rules approved by the Autonomous Region where the assets and rights with more value (i) are located, (ii) can be exercised or (iii) must be fulfilled. In addition, the Solidarity Tax was approved in December 2022 by the Solidarity Tax Law. The Solidarity Tax is a direct and personal tax that complements the Net Wealth Tax in which the taxable event is a natural person’s ownership of at least EUR 3,000,000 in net assets on 31 December of each year. The taxpayers of the Solidarity Tax and the Net Wealth Tax are individuals. In practice, as the Solidarity Tax Law allows the Net Wealth Tax amount payable to be deducted, the Solidarity Tax generally has