Actually there are a lot of "N" registered a/c based outside of the US.

There are some restrictions on foreign nationals owning a/c, but I think
this mainly applies to larger transport a/c.

The FAA has a large office in Frankfurt, Germany that oversees all of
Europe, Africa, and the Middle East.

When outside the US, the operator must adhere to regional and ICAO regs,
as well as FAA requirements.

There is an a/c registry of convenience like for ships. It's based out
of Aruba, and is very organized.

The owners of the plane you mentioned are probably avoiding Greek taxes
as they would be enormous for a private plane.

Regards,

Dave



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