Yes, but you still have the time and pain of filing. This is not minor. To ensure you're not making a mistake you basically have to pay an expert to do it.

Also the US has now imposed laws that require financial institutions to report to the IRS if you are a US citizen. I'm not in the financial industry so can't verify first hand, but all reports are that the paperwork and reporting burden is significant. So much so that many banks now have a "no US citizens" policy.