Surely you will just need to apply for a visa to work/study in Europe?
If you want to live somewhere long-term, have residency rights, you might need to earn a certain amount of money, you might need to prove you have special skills, have private health insurance, there might be a points-based system, whatever, it depends on the country. But it will be harder, more expensive, more bureaucratic, and for some people, not possible.
I studied in Russia for a semester. From what I remember, I needed an invitation, a HIV test, a long form I had to fill in, I had to pay a fee and take a trip to London (which I am not near, although I could have done that bit by post). And this was just for three months, so not comparable to permanently relocating to Australia or the USA for example.
Why would you choose that over FOM if you want the opportunity to live/work/study/retire in another country? (Unless of course you're not bothered about that, you just want to keep people out of your own.) It's not like you just to fill in an extra form as people keep saying.