In FAA regulation there is no connection between the validity of your pilot certificate and your medical certification, you need both independently for some operations but other operations (e.g. Sport Pilot) require only one of the two. So they operate independently and you never lose the validity of your pilot certificate as a result of medical status. For that reason there is no FAA assumption that your medical certification status is reflected in holding a valid foreign (EASA) pilot license.
Having said that, as Peter indicates I have also been led to believe that FAA allows either a foreign medical from an ICAO signatory nation or an FAA medical for use with a 61.75 ‘based-on’ pilot certificate. This supports the original purpose of 61.75, which is to allow foreign visitors to fly, for whom the hassle getting an FAA medical would negate the purpose of a streamlined process and its practicality for a short visit. The FAR is here and the relevant text in relation to issuing the ‘based on ’ certificate is as follows: "Holds a medical certificate issued under part 67 of this chapter or a medical license issued by the country that issued the person’s foreign pilot license"
Antonino wrote:
The FAA PPL is subject to the currency of the EASA PPL, (FAA PPL is not stand alone).
All US pilot certificates, including your restricted (foreign-based) certificate, are subject to FAR Part 61. This means, inter alia, that the US flight review and recent flight experience requirements, sections 61.56 and 61.57 respectively, apply.
There are additional requirements in Part 61, eg acting as PIC of a complex airplane (retractable gear, flaps, and a VP/CS prop—§ 61.3(b)) under the privileges of a US pilot certificate requires a once-off proficiency endorsement from a US flight instructor. Equivalent EASA differences training is unnecessary.
FAR 61.75(b)(4) states that you must hold “a medical certificate issued under part 67 of this chapter or a medical license issued by the country that issued the person’s foreign pilot license”;
