Income from immovable property may be taxed in the State where the property is situated under the treaty framework.

Income from immovable property situated in a Contracting State may be taxed in that State, including income from agriculture or forestry and from direct use, letting or other forms of use. The term is defined by the law of the State where the property is situated and includes property accessory to immovable property, usufruct, and rights to payments for working mineral deposits and other natural resources; ships and aircraft are excluded. The rule also applies to income of an enterprise and income from immovable property used for independent personal services.

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