What's wrong with telecommuting?
Europe's got fast, cheap Internet infrastructure... are they still mired in the 9-5, you-must-be-at-the-office mentality affecting North America? If folks need an 'office' for meetings or whatever, there are shared office space providers in a lot of big cities.
If the hiring/immigration laws are too onerous or whatever, try something completely different, don't keep dorking around with the same immigration trickery.
This sort of stinks of offshoring, but that's something companies already love, isn't it?