Before an aircraft is transfered to another country, it goes through a complete overhaul at depot. That country's markings are applied at that time and all stencils are painted on. Very seldom will there be a direct transfer. It would be safe to assume that the stencils would be applied over the national markings.
Berny
Phormer Phantom Phixer 
On the bench
TF-102A Delta Dagger, 32nd FIS, 54-1370, 1/48 scale. Monogram Pro Modeler with C&H conversion.
Revell F-4E Phantom II 33rd TFW, 58th TFS, 69-260, 1/32 scale.
Tamiya F-4D Phantom II, 13th TFS, 66-8711, 1/32 scale. F-4 Phantom Group Build.