If you have a
valid foreign license with SEP, B737 and Instrument Rating, you will be issued an FAA 61.75 certificate which includes your Class & Type Ratings ("not for hire"). The addition of the B737 will also give you MEL (MEP equivalent), because the FAA, or is it EASA?, does things differently.
Your 61.75 certificate then becomes "controlling" in FAA airspace, meaning:
- You must carry the FAA certificate, medical and ID
- You must also carry the original license (which must remain valid)
- You must have a current (FAA) Flight Review
- You can add Instrument privileges, by taking the short foreigner's FAA Knowledge Test.
Note the FAA difference between valid and current. My understanding, and still waiting for confirmation from FAA legal counsel on this is, as long as you meet the FAA regs (Medical, Flight Review & Recency), you do not need to have a
current C of T on the EASA license, for either Class or Instrument.
Unless, specifically stated on the EASA license that it is "Not valid without a current medical", the foreign (EASA) license is still valid for the purposes of "accompanying" the FAA certificate.
Personally, I would still want an EASA medical, just in case the lawyers change their mind, or state that they were referring to different circumstances in their prior legal opinion.