What are the pros & cons of top-level country domains (CCTLDs) vs language/region subdirectories

I'm working as UX Director for a client, and we need a little consultation/advice on the advantages/disadvantages of Multiple top-level country domains (www.website.co.uk and www.website.nl). vs Sub-domains (www.website.com/uk and www.website.com/nl).

I had suggested the approach of sub-domains for many reasons, but mainly to begin a standard across the brand as they don't have one.

The teams I have worked with in the past have leaned towards sub-directories for similar projects. Reason being: - Ease of localisation by country/language - DNS targeting for faster loading times - Cheaper - Shared Cookies across all locales, enabling single sign-on for more seamless user experience. - Better weighted SEO.

But these are technical reasons. Are there any valid UX reasons?