Taxation of immovable property: income may be taxed in the jurisdiction where the property is situated under the treaty.

Income from immovable property earned by a resident of one Contracting State may be taxed in the Contracting State where the property is situated; this includes income from direct use, letting or other use, income of an enterprise from immovable property and income used for independent personal services. Immovable property is defined by the law of the Contracting State where the property is located and includes accessory property, usufruct and rights to payments for working or rights to work mineral deposits and other natural resources, while ships, boats and aircraft are excluded.

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