I use the Cloud extesively for demos and SiB projects. However, I'm not sure if it will help you. The EC2 Cloud (amazon) enables you to base the server in an EU or US zone. Maybe an instance in an EU zone would be faster for you, but there's no guarentees as it will largely depend on the routing and therefore latency of your specific provider.
If you're refering to hitting demo.qlik.com and are seeing poor performance it's worth testing the ping time (ping demo.qlik.com) and also seeing how your traffic is routed (tracert demo.qlik.com). Your bandwidth sounds fine... you don't need a lot of bandwidth to access eg AJAX pages, but latency might be an issue.
The only way to be certain is to try the cloud. Drop me a mail and I'll see if I can give you access to a Cloud instance (email@example.com).