Thank you for the extensive information, seventhheaven. It should be no problem to have both licenses side by side then (the goal is indeed to obtain a local license in accordance with ICAO standard).
I am aware that the EASA license itself will not expire but any ratings, be it type rating or instrument rating, will eventually expire.
Does anyone have any experience with renewing a type rating and having it applied to another license at the same time? I assume this would be dependent on the examiner. If he were to be, for example, EASA and FAA approved wouldn't a skill test for both authorities be possible within one session?