The foreign element is defined in Article 2 in a very broad manner. Accordingly, the existence of any of the following circumstances demonstrates that the dispute has a foreign element and, under such circumstances, arbitration is considered as international:

1. where the parties to the arbitration agreement have their domiciles or habitual residences or places of business in different States;

2. where one of the following is situated outside the State in which the parties have their domiciles or habitual residences or places of business;

a. the place of arbitration, which is determined in, or pursuant to, the arbitration agreement; or

b. a place where a substantial part of the obligations arising from the underlying contract is performed or a place where the dispute has the closest connection;

3. where a shareholder of the company which is a party to the underlying contract that constitutes the basis for the arbitration agreement has brought foreign capital into Turkey in accordance with the laws concerning the encouragement of foreign capital or where a loan and/or guarantee agreement needs to be signed for the execution of the underlying contract;

4. where, in accordance with the underlying contract or with the underlying legal relationship, the movement of capital or of goods shall be made from one country to another.

Therefore, the correct option is E.