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Imagine two Cessna Caravans, both alike, one with G, one with N-reg... Our EASA PPL, with SEP rating, and his based-on FAA certificate could operate the N-reg caravan on his FAA cert... To operate the G-reg one on his EASA licence would require SET differences training... But, would he be able to fly the G-reg one, just inside the UK, on his FAA ticket??
Until recently, yes. Day VFR only on the G reg one but yes. But would need FAA high performance/complex endorsement.