Xbox Live - Change your Country/Region

[Zico]

I've just spotted this via the Xbox.com account page.
Manage Account Region

Before you get your hopes up, the list of countries/regions available is as follows:

You can currently move your account to the following countries/regions: Russia, Poland, Brazil, Hungary, Greece, Czech Republic, South Africa, Colombia, and Chile*.

Though this is not of any use for those who want to switch between US/UK or other major Xbox Live regions, this does bring hope that this may also cover additional countries/regions in the future.

 

[BlizzardX]

It appears that although you can transfer to certain countries currently, you lose the ability to download any of your purchased content. you would effectively either have to maintain a permanent copy of your DLC or risk losing it! You can still play it however, as long as it remains either backed up or on the xbox.

 

[Zico]

It appears that although you can transfer to certain countries currently, you lose the ability to download any of your purchased content. you would effectively either have to maintain a permanent copy of your DLC or risk losing it! You can still play it however, as long as it remains either backed up or on the xbox.

That does appear to be the case - re-download your content before you transfer or you will loose access to it. I can only guess that possible reasons behind this limitation have something to do with licensing and distribution rights akin to why some new content is only released in certain regions/countries.