Microsoft now finally allows Xbox Live account migration to a new country, a company representative announced on the official Xbox forums.
The process requires users to wait up to six weeks to allow for the full account migration, during which time the account is unavailable. Users are also warned that some services and content may not be available in the country being migrated to, that all subscriptions except for Xbox Live Gold will be cancelled, that users may lose the ability to re-download some or all of the content in their download history, and that all content downloaded after the account migration is subject to any geofencing rules in the new location.
In addition, no refunds will be offered for any content lost during the migration. Users can only switch to an already supported LIVE region, a list of which can be found here.