Thanks for both of those, but not sure about the last part of IO540's post.
Once the FAA biennial is done correctly (thanks for that), surely you can then fly FAA licence, N registration anywhere in the world? The only other possible consideration could be the possible requirement for an FAA medical (hopefully avoided by using JAR medical)?
At the end of the day, there are a LOT of FAA pilots, flying N registered aircraft, all over the world!
Sam.