Escobar,
if you do the CPL/ME/FI with any UK CAA - approved FTO, regardless of where that's located, you will get issued a UK CAA/JAA licence. Some people think that a UK-issued JAA licence is held in higher regard by future employers than a non-UK licence, although that's a matter of strong opposing views.
If you don't want/need a UK-issued licence, you can go to another JAA member state and do your training with an FTO approved there.
Doing your training abroad with a UK CAA - approved FTO *can* be cost-effective and high-quality, but it is absolutely crucial that you do proper research and visits beforehand.
Hope this helps,
KK