Thank you EU, and freedom of movement!
From what I gather migrating to the US from the EU is next to impossible right now without seriously harsh immigration restrictions, if at all.
Meh. Migrating to the US is a matter of getting a temp visa and/or apply for a greencard. People with degrees, or 5+ years experience in their field take precedence in selection procedures. I moved to Canada from the EU last year. There are similar rules, but a lot less stringent than with the US.
The person A vs person B argument sounds a bit off to me. It looks like your jumping to the conclusion that because this person has a degree in that area that he has no interest to drive himself. I've at no point been pressured into portfolio stuff by people at uni, I do it because I personally enjoy it and want to have something worth showing.
Like mentioned, it may be a skewed set of rules, but your own opinion of who you are and why you are doing it are not the most relevant, since it's mostly the recruiter who will be deciding those things. Then again, if you do score that interview, you can tell them all about how you see yourself.
Any idea how it is the other way around? I want the hell out of this country.
A degree helps to get into the EU, but immigration law is different per country. I know for a fact that immigration for the Netherlands is a solid 2 years of bureaucratic crap if you don't have the backing of a company to lead you through the swamp of paperwork. Companies in the EU tend to have some experience getting people from overseas, and they will most likely aid in getting you through it, if they want to hire you.
EDIT: Also, I cannot type fast enough to post before people move onto other points or already say what I meant to say. I'm looking at you Ambershee!