Microsoft has announced that Xbox Live Account Region Migration is now available.
"I am happy to share the news that we can now offer Xbox LIVE Account Region Migration." said Major Nelson.
"If you have moved to a different Xbox LIVE region, you can now move your account and take your gamerscore, unlocked achievements, any Microsoft Points already in your account and any remaining time on your Gold membership."
This is good news for Xbox Live users that previously the only solution was to create a new account. You can migrate your account once in 3 months.
Be sure to read the read the support document which will give you details on the process as well as restrictions and then hit this page on Xbox.com to get started.