Best answer: No. PS5 games are not region-locked. So, this means that you can play games on any PS5 no matter what.
PlayStation 5 has no region locks (for games)
Sony revealed several months before the PlayStation 5's release in November 2020 that PS5 games would not be region-locked. Region-locked games are only available to users living in a specific part of the world. If you attempt to play a region-locked game with an account or on a console that isn't associated with its region, it won't work. The regions are usually defined as the Americas (NTSC), Europe (PAL), and Asia. For example, if a PS2 game is region-locked to Asia and you attempt to play it on an American PS2 console, the game won't work.
Sony's consoles, starting with the PS3, haven't had any official region locks, but it was still possible for developers to use them, though it was very rarely done. For example, the fighting game Persona 4: Arena, released on the PS3 and Xbox 360, was region-locked. According to US Publisher Atlus, this was done because the game cost different prices in different regions. Again, we have to emphasize that this was the exception and not the rule.
While few games on the PS3 and PS4 were region-locked, DLC often was. To be more specific, if you have a game from a certain region, the DLC would need to be purchased by an account tied to the same region, or it won't work.
In the Ultimate FAQ, the company posed the region-lock question the response was a simple no. You can buy and play games on your PS5 no matter what region your account is tied to. This means all the best PS5 games are playable regardless of where you are, so there's no need to stress.
"No" doesn't cover everything
"No" would seem to cover every kind of region-locking, even if it is a bit non-specific. It doesn't address whether DLC will be region-locked like it was on the PlayStation 4, but there's no indication that this is the case. However, there's a chance that PS4 DLC will still be region-locked if transferred to the PS5. If you are transferring PS4 games to your PS5, it might be a good idea to make sure the region on your PS5's account matches any PS4 games you move over.
Also, while games won't be region-locked, streaming and media apps will be. That means that if HBO Max isn't available where you live, it won't be available on a PS5 logged into a PSN account locked into that region.
The downside of games not being region-locked is that you no longer have the option to change your region in the console's settings. The only way to do so is to create a whole new PSN account. You can read about how to do that here.
