Some foreign banks simply don't _want_ to deal with American citizens, precisely because of the reporting requirements strong-armed in agreements with the US -- because they have to report those bank accounts back to the states every year (or quarter).
It's not like the US is funding that foreign work to be done on their behalf, either. So the reticence to even bother with creating bank accounts for American citizens makes sense.
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Why not just maintain dual citizenship instead of needlessly renouncing?
Because US citizens have an IRS filing requirement even when living abroad. It is a very uncommon requirement among countries.
Some foreign banks simply don't _want_ to deal with American citizens, precisely because of the reporting requirements strong-armed in agreements with the US -- because they have to report those bank accounts back to the states every year (or quarter).
It's not like the US is funding that foreign work to be done on their behalf, either. So the reticence to even bother with creating bank accounts for American citizens makes sense.
Some countries don’t allow dual citizenships like the Netherlands and others allow it like Belgium.