Income from immovable property may be taxed in the state where the property is situated under treaty rules.

Income from immovable property derived by a resident of one Contracting State from property situated in the other Contracting State may be taxed in the State where the property is located; this includes income from agriculture and forestry and from direct use, letting or other forms of use. Immovable property is defined by the law of the State where the property is situated and includes rights and assets connected to land, usufruct, payments for working mineral deposits and sub-soil resources, and extends to enterprise income and income used for independent personal services; ships, boats and aircraft are excluded.

---

---

---