ARTICLE 23
Capital
(1) Capital represented by immovable property referred to in Article 6, owned by a resident of a Contracting State and situated in the other Contracting State, may be taxed in that other State.
(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 that other State.
(3) Capital represented by ships and aircraft operated in international traffic and by boats used in internal navigation, as well as by movable property pertaining to the operation of such ships, aircraft and boats, shall be taxable only in the Contracting State where the place of effective management of the enterprise is situated.
(4) All other elements of capital of a resident of a Contracting State shall only be taxable in that State.