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VAT is a big issue. You will need to pay VAT for every membership you sell to a European customer if you follow the rules stricktly. Sooner or later they will enforce this all over EU. At the moment you can get away with it as long as the payments of the billing company originate in the US.
I heard Malta and Zyprus are pretty good. It is very easy to buy shelf companies in Czech Republic and Slovakia. It's not that easy to start a tailor made SRO as a non-resident. Austria has very strong adult businesses.
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