ARTICLE 23
CAPITAL
(1) Capital represented by immovable property as defined in Article 6, owned by a resident of a Contracting State and situated in the other Contracting State, may be taxed in the Contracting state in which the property is situated.
(2) Capital represented by movable property forming part of the business property of a permanent establishment which an enterprise of a Contracting State has in the other Contracting State or by movable property pertaining to a fixed base available to a resident of a Contracting State in the other Contracting State for the purpose of performing independent personal services, may be taxed in the Contracting State in which the permanent establishment or fixed base is situated.
(3) Capital represented by ships, boats, road vehicles and aircraft operated in international traffic and by movable property pertaining to the operation of such ships, boats, road vehicles or aircraft, shall be taxable only in the Contracting State in which the place of effective management of the enterprise is situated.
(4) All other elements of capital of a resident of a Contracting State shall be taxable only in that state.