For each investment in a new AngelList SPV or fund, investors become partners in a Delaware Limited Partnership.
Each SPV and fund provides a U.S. tax form K-1 to US and Non-US investors for any year in which the SPV or fund has taxable income or expenses.
As long as Non-US investors have submitted the appropriate withholding forms, distributions for exit events are generally not subject to US tax and withholding.
There are important exceptions to the generalization stated above, including cases where the Non-US investor has a substantial US presence and for relatively uncommon types of investment distributions to non-exempt foreign entities who have required withholding under FATCA for interest, dividends and distributions that are effectively connected with a U.S. trade or business.
This should not be construed as tax advice and you should consult your own tax advisors for advice on your specific facts and circumstances. Please consult your tax advisor before making an investment.