I have digged into the structure of ENS further.
The costs are very high - 42050$ per year
Further links in the ENS foundation docs page lead to more articles:
The last article states:
The British Virgin Islands are second cheapest and second easiest. At the time of this writing, they do not have a VASP regime in place, but they have announced they will have a VASP regime at some point in the near future. From the lawyers I’ve spoken with, the rumors are that it will be relatively stringent. But creating a DAO in a jurisdiction that is just about to create new regulations can create risk that is ideally avoidable.
Based on my initial research, the Caymans appear to be the best option. They do have a VASP regime, but it’s relatively light touch. There are some reporting requirements, and registration with the Cayman Islands Monetary Authority is required if you issue a token, but it’s generally quite friendly. The Cayman also relies on established British common law, so if you do face legal trouble, you’ll have some sense of what to expect.