No, you do not need to renounce or relinquish y

No, you do not need to renounce or relinquish your US citizenship and No, you don't need tdo get a dual citizenship to move or live abroad.  I am still a Canadian Citizen and Resident who now holds a Panamanian Residency Visa.  As a US citizen you can do the same.  Dual passports is another story for a US citizen but you do not need a passport in Panama to live here permanently.  As a Canadian you can have multiple passports and many do.