Income from immovable property in another Contracting State may be taxed there; excludes ships, boats, aircraft.

Income derived by a resident of one Contracting State from immovable property located in the other Contracting State may be taxed in the latter. "Immovable property" is defined according to the laws of the State where the property is situated and includes property accessory to immovable property, agricultural and forestry equipment, and rights related to landed property. This definition excludes ships, boats, and aircraft. The provisions apply to income from the direct use, letting, or any other use of immovable property, including income from enterprises and independent personal services involving such property.