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Note: This Treaty may be impacted by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). MLI impact on Tax Treaties is available with the Orbitax International Tax Research & Compliance Expert.


Income from Immovable Property

(1) Income derived by a resident of a Contracting State from immovable property (including income derived from agriculture or forestry) situated in the other Contracting State may be taxed in that other State.

(2) The expression "immovable property" shall have the meaning that it has under the laws of the Contracting State wherein the property is situated. The term shall, in any case, include property accessory to immovable property, livestock and the equipment used in agriculture and forestry, rights to which the provisions of private law related to immovable property are applied, usufruct of immovable property and the rights to receive fixed or variable payments as consideration for the working of or right to work mineral deposits and sources from other natural resources. Ships, boats and aircraft shall not be regarded as immovable property.

(3) The provisions of paragraph (1) of this Article shall apply to income derived from direct use, letting, leasing or share-farming, or use in any other from of immovable property.

(4) When ownership of shares or other rights attribute directly or indirectly to the owner of such shares or rights, granting the right of enjoyment of immovable property, the income derived by direct use, letting, leasing or any other use of such enjoyment rights may be liable to be taxed in the Contracting State wherein the immovable property is situated.

(5) The provisions of paragraphs (1) and (3) of this Article shall also apply to the income derived from immovable property of an enterprise.