1. Same principal (it is also mentioned in Article 20).
But you are given 1 year of time to renounce your citizenship.
2. Actually, not true. Once you renounce a U.S. citizenship, your status will be, in theory, downgraded to the previous status.
For example, if the citizen is a naturalized citizen, the status after renouncing citizenship is Permanent Resident (which that person can request USCIS to re-issue the Permanent Resident Card).
However, there is no previous status for natural born citizen. Once the citizenship is renounced, you have no more relationship with the U.S. The only way to restore is through immigration and naturalization.
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