☰Yes, in any direction. A captive can change to a domicile that is a better fit for its needs, come onshore from an offshore jurisdiction (known as redomestication), or shift offshore where a program genuinely calls for it.
The mechanics are defined regulatory work: deregistration and continuation between the two jurisdictions, compliance filings and regulatory assessments on both ends, legal and tax opinions, administrative transfers, and updated governance. The common drivers are domicile economics, regulatory alignment, and proximity to the business, and the case does not weaken with age; even a captive that has operated in one jurisdiction for decades can benefit from a domicile review. Whether a move is worth it is a numbers question, weighing the one-time cost of the transition against what the current domicile charges in taxes, fees, and trapped capital every year.