Depends on the country. Each one has their own SEC equivalent protecting their citizens. This doesn’t necessarily means licensing, just what you can offer to investors, and how.
So, I could offer my portfolio/pool say to Australian investors, but the portfolio stays in the US, as do I, and no US RIA/SEC registration/ licensing required?
As long as you comply with that country’s laws. For Australia: https://uk.practicallaw.thomsonreut...=(sc.Default)&firstPage=true#co_pageContainer
Yes but usually not worth the headache. You are on the hook for tax deductions at source. You are on the hook for the estate if the person leaves an estate. And if that is int-estate it gets even murkier. Not worth it. If the person is part of close family what you can do is to let him go thru the paper work and pass on the userid and password trusting you. This trust is no problem if oth parties know each other as in a close family. In other cases complicated tax rituals is not worth your time. To even get an accurate picture on this tax consequence, you need a cpa in us and a cpa eqvt in the other country to sort out the legal ramifications.
What are you even talking about?. Do you think a a millionaire in europe can't invest in a US hedge fund. Think again. Anyone can invest legally. What he is thinking of is a family office.
I thought he was asking whether he can run a fund without running a fund. You can invest your own money any way you can, there's no problem... The problem starts when you invest other people's money on their own behalf without having a license. I can't think of a country that's allowed.