Hello Gary,
The better solution for sure is to host sites in their own county like mentioned here: http://www.dirjournal.com/articles/multilingual-seo/
At the mean time you should take the product into consideration as well. If it has low serch traffic and not really competitive in the target country you can give it a try with one page, as a tld for english sites does not prohibit it to rank in France for example, so traffic and competition matters, but different tld and hosting are better choice in the long run.
If you are doing it with one site you can implement a content delivery network so that you pages are loading faster in target areas and taht is good for seo, however it does not replace the signal the local server gives to google about the target area.