Whois information for assigned PA

Greetings,

can anyone advise which country should contain the record for 'assigned 
PA' address?
Should it be the country of location of the person/company to which PA 
was assigned or the country of location of the server and it's 
datacentre to which it was assigned?

Seems, in former case geoip databases will determine the country 
incorrectly, won't they? But the location of the owner will be seen in 
both cases in the address field.

Is there any RIPE policy regarding that?