In order help clarify the position, in some evidently muddy waters, maybe I could ask about a 'hypothetical' case...
N reg bizjet, operating under a flag of convenience, whose only presence outside Euroland is the required Delaware trust.
Captain, obviously type rated, FAA ATPL only. Copilot, SIC rating, FAA CPL/IR only. What does the post April 2014 future hold for these two?
With the greatest of respect bestman, you can obviously write, so why not read the legislation and answer the question for yourself? Its written in plain, simple English!
What "flag of convenience" will an N registered aircraft be operating on? An N reg aircraft will be registered in the US. No aircraft may be placed on more than one register.
An N registered aircraft is, in respect of the legislation, a "Third Country Registration." It therefore depends,
in the main, on where the "operator of the aircraft" is resident. If the operator is resident in the EU then the crew will need EU licences. By the sound of it you need to get one....do it soon!