Thankfully, the process is far easier today, as the Play Store has been updated to include country and profiles options that will appear once your IP address changes.
As someone who has had to move back and forth between the US and Europe, I can attest to that. Until recently, changing these settings was an exercise in frustration. Search results and top charts are specific to each region and there are lots of popular apps and games that simply won't show up unless your Play Store country matches up. What you see when you open the Play Store is completely dependent on your country settings.