Rockstar has released information about the regional differences for GTA V in terms of the absurdity that is Region Locking of digital media in the 21st Century. Basically, unless you live in Japan, it's largely open season with Region Free status for both Xbox 360 and PS3. The company does, however, recommend that customers, "buy and play games that are designated for your country to avoid potential problems with DLC region-compatibility, such as with pre-order bonuses. " The rest of the info is:
PlayStation®3 (Region-Free):North America, Asia (Except Japan) – English, French, Brazilian Portuguese**, Korean, Traditional Chinese, Latin American Spanish
Europe, Middle East, Russia – English, French, Italian, German, Spanish, Russian, Brazilian Portuguese, Polish
Japan – Japanese and English
Xbox 360:Worldwide (Region-Free) except for Japan – English, French, Italian, German, Spanish, Russian, Brazilian Portuguese, Polish, Korean, Traditional Chinese, Latin American Spanish
Japan (Region-Locked to Japanese Xbox 360 Consoles) – Japanese and English
Source:
Rockstar