It appears that the proposed requirement for everyone, foreign reg aircraft included (if operator is EU resident), to get EASA licenses has been delayed from 2012 to 2014, with a 1 year delay possible after that i.e. 2015.
So all the non-EASA-reg bizjet pilots will have to get EASA CPL/IRs. That's 14 exams, plus a load of flight training.
ICAO (e.g. FAA) Type Ratings will be acceptable to EASA, however.
More info
here