Troops,
I have to be the bringer of more bad news.
There are those of you that think the FAA route may be an option to corporate work in the EU.
Well, the bad news is that the door is to be shut firmly closed by the new powers that be.
EASA Medical regs come into force in Spetember 2009 and they will prevent anyone from flying a foreign registered aircraft that is based in the EU on anything but an EASA medical certificate. So, even if you hold a FAA CPL/IR ATPL or whatever you will still require an EASA medical.
Further, it seems that EASA Flight Crew Licensing regulations, when they eventually come into force, will go one stage further and require pilots of such aircraft to hold EASA licences.
Note, I only mention those foreign registered aircraft that are based in the EU - it would not apply to foreign registered aircraft that are also based outside the EU that enter the EU for scheduled / charter flight purposes.