ARTICLE 13

Capital Gains

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

(2) Gains derived from the alienation of shares or other forms of stock forming part of the business property of an enterprise, whose capital, consist directly or indirectly of immovable capital situated in a Contracting State may be taxed in that Contracting State.

(3) Gains derived from the alienation of movable property forming part of the business property of a permanent establishment that an enterprise of a Contracting State has in the other Contracting State, or from the alienation of 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 service, including gains from the alienation of such a permanent establishment (alone or together with the whole enterprise) may be taxed in that other State.

(4) Gains derived from the alienation of ships or aircraft operated in international traffic, and from the alienation of boats operated in internal navigation or from movable property pertaining to the operation of such ships, aircraft or boats, shall be taxable only in the Contracting State of which the place of effective management of the enterprise is situated.

(5) Gains arising the alienation of any property, other than those referred to in paragraphs (1) through (4) of this Article, shall only be taxable in the Contracting State of which the alienator is a resident.

(6) Where an individual being a resident of a Contracting State for at least five years, changes his place of residence to the other Contracting State, the provision of paragraph (5) of this Article shall not affect the rights of the first-mentioned Contracting State to impose taxes according to its own domestic law on profits earned by that person till the time he changes his residence, where those gains derived from ownership or participation in a company which is a resident of that Contracting State. Where the first-mentioned Contracting State imposes tax on capital gains in according with paragraph (5) of this Article at the time where a resident moves out of that State, the shares or stocks so taxed, shall be liable for taxation if sold at a later time in the other Contracting State, but the total that shall serve as the basis of the calculation of tax shall be the value assumed by the former State at the time when the individual moved away.