A foreign state should recognise the approvals granted by the state of registration. If flying international operations you should be carrying several documents, one being an "ops spec" (operations specification) which states the operational approvals the airline holds. (i.e. PBN, Low Visibility, RVSM, ETOPS etc)
For private / biz jet operations I have no idea how that works as there may not be an operating licence / ops spec granted by the authority in the state of registration.