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What countries like both JAA & FAA on you license?
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It is not about any country requiring or "liking" both.
You increase you job opportunities because you can go "either/or"
In some regions of the world there is a preference for either/or and some countries may not care at all and a validation is easy for either one.
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When we say "Complete"the IR back in Europe, do we mean just the IR test?
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Theoretically you can but practically your cahnces of passing are very slim without at least some transition training into different airspace with different procedures and requirements.
If you hold a ICAO CPL ME-IR and you have passed the 14 ATPL written exams a practical conversion plus skill tests will set you back somewhere between $12,000 and $15,000.
Depending on the school you go to.