iTunes store account can be transferred or not from one country to another
Before you change the country, note the following:


you must use any remaining store credit on your account
download all purchased content
ensure you have no current rentals(if you do, you'll have to wait for them to expire)
provide a new payment(such as a credit or debit card) associated with a valid billing address in the UK or an iTunes Gift Card purchased in the UK
content purchased from the iTunes Store is country-specific. If you wish to upgrade any of your iTunes Store content to iTunes Plus, you'll need to do this before you change countries. The content you purchased while your account was set to the previous country will not be eligible for upgrade once you've changed countries.
after you change countries, you will no longer receive application update notifications in iTunes for the apps you purchased in your original country. However, you'll still receive update notifications on your iOS device for any applications installed on it. In addition, you'll be able to download previously purchased applications again for free if they are available on your new country's store. You will not be charged and the download will not appear on your Purchased page. If a previously purchased application is not available in your new country, you will not be able to download it again for free.
If you have an iTunes Match subscription, you can't change countries until the subscription has expired.
If you have purchased a Season Pass, you cannot change the country associated with your account until that season is done airing and the last episode of the season has been added to the iTunes Store.


Taking the above into consideration, here's how to change your country:


Open iTunes and click Sign In.
Enter your iTunes Store account name and password, then click Account Info.
On the Apple Account Information page, click Change Country or Region.
Enter the updated information and save your changes. 


OR: leave it as is and you would get a message like this, but your original account will still work regardless where you are.