This could easily be done with an IF substitution statement and delimiter fields. I recommend creating a tab and placing all your address fields plus the toggle checkbox field on it. Then set that tab to be in a not shown on profile position. Once done create a delimiter field with the below substitution (change as necessary) for each address field "City, State, etc..."; this would allow for toggled display.
[cb:if cb_showaddr="1"][cb_country1][/cb:if]
[cb:if cb_showaddr="0"][cb_country2][/cb:if]
You can find further information regarding substitution usage at the below tutorial.
www.allmysocials.com/directory/tutorials/item/233-substitution-usage