Launching the car in Europe will mean that a whole different set of rules and regulations will need to be adhered to. Tesla's sales and marketing guy, Darryl Siry, is quoted by Innovation Beat, from whence I garnered this information, as saying, "Emissions regulations we have no problem meeting." I expect the other red tape to take a bit of time and effort.
Because they are seen to be particularly friendly to electric vehicles, Sweden and Norway (the Danes are going to be pissed!) have been selected as the initial markets where efforts will be concentrated. Tax incentives for more environmentally-sensitive cars will help defray the costs there though the chilly temperatures may make a small dent in the vehicle's overall range.
The exact date for the European introduction is expected to be announced in a couple of months though if it were me sitting on that sack of euros, I'd contact them soon to try and ensure a place in line.
*Update: Darryl Siry of Tesla left a comment to correct the article saying that while Norway and Northern Europe have been discussed as "attractive markets", they have not been chosen as "initial" markets and Tesla should be available in Europe more broadly. Good news.
[Source: Innovation Beat]