In theory, strictly, never.
In theory, if you mean effectively shift invariant, then yes, if you low-pass filter the signal so that it is strictly bandlimited to $\frac{1}{2} \mathrm{\frac{cycles}{pixel}}$, then downsample, then reconstruct through a $\frac{1}{2} \mathrm{\frac{cycles}{pixel}}$ filter.
In practice, such a filter won't work. In a processing context where you assume a signal is of infinite extent, you can -- in theory -- construct a perfect bandlimiting filter, but it has an infinitely long impulse response. This is kind of difficult to realize in practice*.
In the context of a 2D signal that is finite both vertically and horizontally, you could make a filter with the required properties. It would have two problems:
- The "infinitely long" character of the filter would turn into a high degree of bleeding of pixel values across the screen -- basically, with a finite field like this the edges of the screen appear mathematically** to butt against each other. So things happening in the right and left edges of the screen will bleed into each other. Ditto things happening in the top and bottom edges.
- Any real filtering process won't be perfect. So your original image, converted, and your original image shifted by one and converted won't be exactly the same but for the shift.
* But easy to fake -- just make a "filter" that always returns zero, and if anyone asks, tell them you're waiting for the impulse response to start up.
** Sorta kinda -- there's a lot of ways to look at this.