Yes! It’s possible to migrate your Microsoft Account, previously known as Live ID, to another country in a few clicks! In the past this wasn’t possible but since 16th of January 2013 this can be done in a few clicks.
In order to change country of your Microsoft Account, follow these steps:
- Log in to http://xbox.com and choose “My Account”
- On the bottom right, choose “Change Xbox account region”
- Choose “Next” and select your country.
- Choose “I agree” to finalize your migration.
FYI: it’s only possible to change region once every three months.