If the size of the particles is substantially below λ/10 where λ is the wavelength of the impinging radiation then you'll get a transparent liquid (may be colored like a gold sol or quantum dot where the color is a guide to the size). The concentration may also be important if multiple scattering will occur.
Milkiness is a sign of particles in the > 100 nm region and therefore not 'nano' in the strict definition of the term. Likewise if settling or sedimentation is occurring then we're into the micron+ region.
All of the above can be modeled by Mie theory with the Rayleigh approximation being applicable typically at below the λ/10 limit. Use an excellent freeware program such as Philip Laven's MiePlot to model the behavior.
the milky color is caused by multiple scattering. It indicates that the concentration of scattering objects is so high, that photons encounter another particle, and scatter again before leaving the sample. This is similar to the appearance of white clouds: multiple scattering of radiation of many different wavelengths.