I wish it were the case that residence mattered. The truth is that US is possibly the ONLY country that taxes it's citizens even when they live and earn all of their income abroad. Renouncing your citizenship costs ~$400 and even then does not release you from any unmet tax obligations or risk of audit from time during your citizenship.

Worse still, Americans abroad are increasingly being denied foreign bank accounts because of new reporting requirements that the US imposes on banks who accept US citizens as customers.

http://aaro.org/denied-bank-accounts