The GDPR can apply to you whether or not you reside in the EU or have EU users and consequences of non compliance can be quite serious. In order to be compliant, your policy must at the very least:
iubenda makes it easy to comply with legal requirements across multiple countries’ legislations (including the GDPR). With hundreds of available clauses, our privacy policies contain all the elements commonly required across many regions and services, while applying the strictest standards by default – giving you the option to fully customize as needed.
GDPR compliance for your site, app and organization