I believe Last City can be somewhere in Europe, same for the Farm [i](I really miss this location!)[/i], probably near the EDZ or the Cosmodrome, both are in Russia iirc.
There's something I really love about the Tower/Last City, which is the diversity of cultures that you can find in there, many traditional elements from many countries.
And a very nice detail from Bungie, is how they have named their Holiday Festivities as [b]Dawning[/b], which is more neutral and inclusive, and realistic than, for example, Christmas/New years. It's very beautiful and respectful both for us the players and the characters.
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“The colony” lore tab proves its in South America