Immovable property taxation: income from property located in the other Contracting State may be taxed there.

Income derived by a resident of a Contracting State from immovable property (including agriculture or forestry) 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 property accessory to land, livestock and equipment used in agriculture and forestry, rights governed by landed-property law, usufruct and payments for working mineral deposits and natural resources; ships, boats and aircraft are excluded. The provision covers direct use, letting and other forms of exploitation and applies to enterprises and independent personal services.

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