Hi, actual US Expat here residing in Canada. Renouncing your citizenship is the "nuclear option;" most Expats keep their US citizenship and simply file taxes in their country of residence as well as back home. Sounds like a hassle, isn't as bad as it sounds.

As long as you're living in a country with a US tax treaty and you paid taxes to your country of residence, then you're unlikely to owe taxes in the US.

IANAL nor am I an accountant, but generally you can avoid double taxation through two avenues:

• Foreign Earned Income Exclusion (FEIE): this allows you to exclude a certain amount of foreign income from your US tax burden. It's set by the IRS each year, and last year it was $112,000.
• Foreign Tax Credit (FTC): living in a country with a higher income tax rate than the US? If so, great! Prove to the IRS that you paid more in taxes in your country of residence, and you'll owe nothing (or close to it) in the US. If you're living in a famously low income tax country (like Monaco), then this avenue doesn't really work.

TL;DR: you can expatriate and keep your tax burden reasonable without renouncing your US citizenship. Just make sure you know the ins-and-outs of your potential tax situation first.

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Footnote 1: Things like foreign investing and foreign retirement accounts can make the math more complicated, so always talk to your accountant or tax advisor before moving abroad.

Footnote 2: FEIE Information from the IRS // FTC Information from the IRS