Are you looking for the USA only? As you mention the howey test. It depends if it's an "Investment Tokens" or "Product-Use Tokens".
Otherwise, I suppose you can do it in Estonia if you're looking for a country in Europe. The country itself created its own ICO (Estcoin or something like that) The country is friendly when it's about a legal corporation and it's easy as everything can be done in English there.
A resident doesn't even need to speak Estonian.When you have a question or problem, you can send an email in English and they reply back in 24 hours lol.
You don't need to visit the country, you can apply online for the e-residency and do everything you want online
Do you actually have the Estonian e-residency yourself?
Regarding the Estcoin I think that Estonia could eventually run into trouble
with the EU. They are a Member state of the EU and use the € as a currency.
Therefore they are obliged to ensure that only the € is used as legal tender.
This makes me doubt the viability of a project like Estcoin unless they
intend to use it for other purposes than usage as a currency.