SimonG: Of course. If I buy UK Steam I use a fake account and gift it to my normal account. As a layer of protection, so to say.
Cleidophoros: You still are in the grey area then using vpn(?) for uk account and a fake account. By gifting I meant someone else gifting it to you.
What is the difference between the fake account gifting me and a "normal" UK resident, at least for any automated script that checks for fraudulent activity? And while I prefer "normal" gifting, sometimes I get "impulsive" and want a game NOW, hence my fake UK friend.
Considering my library, I don't think Steam will ever give me trouble. And if they do, I know were they are registered in Germany and I can have a "cease and desist" letter at their office within a week. Most of their ToS are simply void in the EU and they know that. Their biggest "strenght" so to say, is this cloud of fear they like to hover above their costumers.
The worst thing they could do to me is to remove the questionable game and that only for a refund. For anything above that, therw is no legal basis (taking my "grey" Steam activity into account. If you do some real fraudulent sh*t, they can ban you, but the bar is very high for that).
Therefore, I'm not in a big worry.