Microsoft today announced that Xbox Live accounts are now transferable from region-to-region



From Engadget:

That includes everything in your Gold level account: Achievements, virtual monies, Gamerscore, and that gorgeous Avatar. Previously, moving from one country to another meant walking away from the Xbox Live-based identity you'd grown so accustomed to -- a real shame, especially for folks who'd stocked up on Xbox Live Points during holiday sales (ahem). Of course, some regional restrictions still apply when you migrate your account -- some services, games, subscriptions, and other digital content disappears depending on regional availability.

  Microsoft opens international barriers to Xbox Live account migration