International SEO and Webmaster Tools

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[Dan-Petrovic]

Google's own guidelines say the following:

If your site targets users in a particular location, you can provide us with information that will help determine how your site appears in search results, and also improve our search results for geographic queries. You can only use this feature for sites with a neutral top-level domain, such as .com or .org. Country-specific domains, such as .ie or .fr, are already associated with a country or region. If you don't want your site associated with any location, select Unlisted.

I have to admit that I have never actually set the website as unlisted but instead left it up to Google to determine where to serve. So far haven't noticed any issues.