SPVs, Venture Funds, and Rolling Funds can make investments into non-US companies. Depending on the nature of the company and the investment, there may be regulatory or tax concerns that fund leads can work with AngelList and tax/legal counsel to address.
If an AngelList-advised Fund or SPV is making an investment into a foreign portfolio company, the Fund or SPV cannot accept Limited Partners who are residents of that same foreign country unless they are based in the US, Mexico and Canada. You can read more about these restrictions and any exceptions to this policy here.
If you make an investment into a company that is not incorporated in the United States, we require the company to sign a tax representation letter.
The tax representation letter is a document that all non-US portfolio companies sign. It's a confirmation that the company is neither majority owned by US persons, and that it doesn't earn a majority of its income from rent or interest (i.e. isn't a passive income generating company). The second part of the document lays out what the company would need to report if it ever became a 'passive foreign investment company'. As a reference, every US fund that invests in foreign incorporated companies will require the same or similar representations.
Please see more about tax representation side letters here.