ARTICLE 13

Capital Gains

(1) Gains derived by a resident of a Contracting State from the alienation of immovable property referred to in paragraph (2) of Article 6 and situated in the other Contracting State may be taxed in that other State.

(2) Gains derived by a resident of a Contracting State from the alienation of shares or other rights deriving more than 50% of their value from immovable property situated in the other Contracting State may be taxed in that other State.

(3) Gains from the alienation of 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, including such gains from the alienation of such a permanent establishment (alone or with the whole enterprise), may be taxed in that other State.

(4) Gains derived by an enterprise of a Contracting State from the alienation of ships or aircraft operated in international traffic, or movable property pertaining to the operation of such ships or aircraft, shall be taxable only in that State.

(5) Gains from the alienation of any property, other than that referred to in the preceding paragraphs of this Article, shall be taxable only in the Contracting State of which the alienator is a resident.

(6) Where an individual was a resident of a Contracting State for at least five years and has become a resident of the other Contracting State, the provisions of paragraph (5) of this Article shall not affect the right of the first-mentioned State to tax under its domestic law the individual in respect of any capital appreciation of shares of companies resident in the first-mentioned State that has accrued up to the change of residence. In such situations, such capital appreciation which has been taxed in the first-mentioned State shall not be included in the determination of the subsequent appreciation of capital by the other State.