She has the Portuguese flag in her Instagram bio, and the Hellenic Olympic Committee unfollowed her on Instagram.
She is living in Ireland now and coaching there to make money to fund her career (at least in Greece she was given some funding even if it may have been inadequate), and she allegedly represented Cote d'Ivoire at a regatta in Portugal recently.
Apparently if she wants to represent Portugal in major international competitions, she has to sit out for three years so she would miss the 2024 Olympics unless ISAF makes an exception for her.
Honestly this situation has been blown way out of proportion. The Hellenic Sailing Federation made plenty of mistakes, but Karachaliou is also stubborn and in some ways unreasonable for not cooperating with the Hellenic Olympic Committee when they were trying to solve these problems. Of course it is easy for me to talk when I do not know what goes on behind the scenes, but still...
The issue is now she burnt her bridges with Greece, and if she comes back and decides to stay with Greece so she can go to Paris 2024, she might be treated worse than before, and also the sponsor that the Hellenic Olympic Committee got for her (which also unfollowed her) probably won't be willing to sponsor her again.