The issue of brain drain as a result of South-North migration has been a preoccupation for developing countries around the world and the Caribbean Community (CARICOM) states in particular. In recent years, the debate has moved beyond brain drain to speculate on the development prospects of brain circulation through return migration. Also on the current agenda are the prospects for economic development through remittances and the engagement of diaspora communities. This paper examines the evolution of the debate and key issues with particular attention to the implications for small, developing states within CARICOM. Of particular importance is the conclusion that remittances alone are not sufficient for economic development and are, in fact, a reverse subsidy to wealthier countries. However, through domestic reforms and international advocacy and cooperation it may be possible to improve the development returns of highly skilled emigration.