As an alternate view, I am a naturalized US citizen living in the US, but with a retirement account in my native Belgium. And I have the same problems as Rachel. My Belgian bank already indicated that I cannot have any new investment with them, only simple accounts are allowed, so Rachel remark is completely true, some European banks actively refuse US citizens as customers.
I agree that the FBAR form is relatively simple, but anything else is a nightmare, I kid you not some ot these form indicates that it takes multiple hours to fill it (form 8938 instructions, https://www.irs.gov/pub/irs-pdf/i8938.pdf, indicates about 3 hours 30 minutes, and try to understand the instructions, but that is nothing compared to form 8865, https://www.irs.gov/pub/irs-pdf/i8865.pdf, that indicates a total of 126 *hours*, check it if you don’t believe me). So, yes, you modify your behavior to be sure you don’t need to fill these.