Well I am a British citizen with a British registered C172 and a British PPL valid for life BUT from April 2014 it will be illigal to fly my own aircraft unless i have converted my valid for life PPL to a 5 year very costly EASA licence !!!!
I believe the EASA license is also a lifetime one. You will also be able to fly it on an LAPL, ( Light Aircraft Pilots License) I expect this will be cheaper than the PPL and only needs your medical carried out by your own GP.