It doesn't matter where you live or where the company is based... afaik, the determining factor is where the company stores data. In other words, if they have servers in the EU, they are bound by GDPR.
Basically, it covers companies with some legal entity in the EU.
As long as it serves content on EU territory, GDPR applies.
What is the sanction if you have no physical presence in Europe?
Absolutely nothing. They're not about to block some of the biggest sites around for failing to comply with GDPR. Can you imagine the backlash? No one wants a Great Firewall of the EU.
Anyone who thinks GDPR applies to companies operating entirely outside the EU is deluded at best.