As many VirtualBox VMs as I've created over the years, I've always chosen the default location for them, that is, in my /home directory. And I've always wondered whether they could be stored on a remote machine instead, if there were more room there. I finally decided to take the time to find out.
Here's an image of my VM "NAS Budgie." I created it on a remote "VMs" share on my Synology NAS.
It's a little slower to create and launch, as might be expected, but it definitely works. Note that I gave the location as the mount point; in my case that's /mnt/VMs. I'm still curious to see if I can create one using the network address of that share, but I rather doubt it. On the local machine that share is mounted.