Some countries does not like having residents owning aircraft on foreign registry located in their country..... so the easiest thing is to ask the CAA in the country.
Every time a resident owns an aircraft on foreign registry, the CAA looses the registration fee etc.... so it may be doable if the aircraft is not in the same country as you reside, otherwise you may get into the same trouble as with your car.
jmmoric: I stated that I am a US citizen so I can legally be the owner of a N-registered aircraft outside the US. My question was aiming at the responsibilities which come with an N-reg aircraft ownership? Particularly regarding any possible risks which could come and bite me in the end.