Taxation of immovable property: income from property may be taxed in the State where the property is situated.

Income derived by a resident of one Contracting State from immovable property situated in the other Contracting State may be taxed in that other State; immovable property is defined by the law of the State where the property is situated and includes accessories, agricultural livestock and equipment, usufruct, and rights to payments for working natural resources, while ships and aircraft are excluded. The source-state taxing right covers income from direct use, letting, other forms of use, enterprise income from immovable property, and income used for independent personal services.

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