747 got it all right. I myself am a resident in France but no EU passport (at least no yet!)I have the right to work here, and travel to other schengen countries plus switzerland with no visa, but I can't just go and work there.
Save your money man, having a JAA licence is only worth it if you are a EU citizen. Besides it is the most complicated and expensive one to get, and most importantly the most strict and costly to KEEP CURRENCY with.