Currently in testing stages, some users have been invited to test drive the new tool. The new process will allow users to change their account region once every three months. In doing so, your gamer tag, achievements, Microsoft points, and remaining Xbox Live Gold time will be moved over to the new region.
Given the nature of region lockouts on certain media, however, not everything may be permitted to make the switch with you. This includes but is not limited to Xbox Music subscriptions, and region specific promotional items. The overall time was incredibly fast, requiring just a few clicks for the users testing out the process.
(via Neowin)