And that in turn is not in line with EU law - if not in letter then at least in spirit so banks are caught between two powers and in turn offload that burden onto the citizens. Realistically as an American abroad you can do it but there is a continuous cost and stress associated with remaining a US citizen.

I know several people that have gone down this path and a few who are doing it right now, the US seems outright vindictive against those that want to leave, a bit like an abusive spouse that can't imagine there is a life after them for you.