In many companies in the states I have worked as a consultant, product and project managers don't have direct reports. If I were you, I avoid becoming a project manager (PMP, SCM) like a plague, unless you see lots of upside financially in the short turn.
Even for a job as a product manager in the states, you will have hard time getting offers/interviews form established companies: these companies have lots of qualified local candidates for product manager roles.
If you were a graduate of an elite school, try your connections, thats the way to get your foot in the door.
I have avoided becoming a project manager: every mid-career guy without hands on is a project manager these days. Some have become consulting architects for VMware, Cisco, if they can talk tech. Others have got evening MBA from Columbia-Haas etc: even here, all these guys are planning to become C-level execs. But what I see now in the valley: Columbia-Haas MBA does not cut, except to become a senior product manager. Thats the case with Kellog, Chicago Booth, etc; I had seen a kellog MBA with prior experience as a product manager, working as a contractor for a startup.
Are you trapped? I don't know. What I can say is this: you have too competition to get a product manager role at top tier companies.