This paper contributes to the debate about the developmental impact of overseas migration using household level data from two selected villages in the southeastern region of Bangladesh. It argues in turn that remittances do contribute to household wealth accumulation but longer term investment in agriculture that can potentially lead to a change in agrarian structure is largely missing. An asset index is also employed to determine the welfare effects of both overseas and domestic migration. This paper begins with a discussion on theories of migration and how these have evolved to encompass new empirical features of the migration phenomenon. The survey results are then presented with an analysis of what this means for the nexus between migration and development within the specific context of Bangladesh.