Expected issues upon graduating with a second Masters in Electrical Engineering after first Masters in Computer Science I obtained MS degree in Computer Science degree some 7 year ago from a decent German state university. Since then I majorly worked in system software roles and occasionally embedded software and hardware. Over this time I have also developed keen interest in designing circuits for signal processing but my skills are very limited. 

I am therefore thinking of going for further higher education in area of Integrated Circuits. However I donot want to go for PhD as its 5 year investment. I also looked at continuing education programs, but I couldn't find anything interesting. I am therefore thinking of doing second Masters degree in Electrical Engineering.  I would be applying to schools in US and Europe which are either equal or better established than my alma matter.

The question is what issues can I expect to face when looking for work after graduating with two MS degrees: one in Computer Science and recent one in Electrical Engineering
It isn't that uncommon to have two master's degrees. Several people I know did it as a way to switch fields or they did a BS/MS program and then got a second MS en route to their PhD at a different university.

I can't imagine how this would cause any issues for you at all. You just have to consider whether it is worth the time, effort, and opportunity cost required to get another degree. General advice seems to be that you should consider getting the degree if (1) you need it for the job you want or (2) you are just very interested in the subject matter.