First off Welcome to Saltwaterfish.com....
You are in the right place to start off your hobby. I live in Canada so that amount of money goes no where here, we pay double for everything just about.
What you should do is tell us what you are thinking of having for a setup:
Tank size, equipment, fish, corals, rock etc and these kind folks there can tell you what approx price you would be looking at.
I think you could to a neat nano for that price but then again you should do what you want in the first place for size etc as this hobby is so expensive to be hopping around in.
Nano tanks really limit you to what you can keep that is for sure. I started out with a 10 gal nano 5 years ago, love it but you can only keep a few fish. Due to the high cost here and I wanted to keep a few of my favorite corals I now have a 3 gal pico which is alot of fun but so limited.
I love it, its perfect for me but not for others. So make sure you do what you want the first time.
Also keep in mind that you might want to start off with a FOWLR (fish only with live rock) and as money permits you can add a few corals at a time. Keeping in mind the kind of fish you want some are not reef/coral compatible so you need to do some homework there too.
Post lots of questions regarding what you want and you will be pointed in the right direction.
Again welcome..