i have heard (rumor only) that if you have 1500hrs on type & have multi crew in medium jet you can convert to an icelandic national/jaa licence. iceland isnt in the EU so they can set their own regs and validations. however iceland is jar complient so in theory once you have recieved an icelandic jaa you can swap it or use it in any other jaa member state. im not 100% sure on this as i was told it was something used by AAI guys to convert to AAE a/c (again dont quote me here as i am not sure how accurate this is). it may be worth giving the icelandic aviation authority a call, they speak perfect english there so no worries. id be interested to know how it works out for you.