I believe you can set-up as a PAMM manager with a broker outside your own legal jurisdiction, and provided you attract clientele from outside your legal jurisdiction, and outside other legal jurisdictions that require licensing (USA, Australia, UK, etc.), then you are doing nothing wrong.
By the way, all this ooh_aah about being regulated and licensed amounts to very little. Remember, it was those guys in $5,000 pin-stripe suits and degrees that gave us the Global Financial Crisis! 😎