is belldandy caucasian?

Fujishima-san was asked this question before actually. His answer was that she is supposed to appear as the ideal woman, but that her form on Earth is a avatar and in reality she doesn't have a real corporeal form. Technically, Belldandy could appear Asian, Black, Caucasian, Indian, etc. depending on where she appeared on Earth and what form she chose.

It's usually agreed that she is supposed to be in the form of a 26-year-old, American female and the manga and anime both reference that she is a "foreign exchange student". The anime states it is a far-off country but, manga volume six specifically states she is from a "college in North America, studying abroad!".