Migration from and to depopulating areas is related to the prospects for rural economic regeneration. The focus is on whether or not migration processes give rise to the necessary human capital required for successful endogenous development. Data from Scottish case studies pertaining to in-, out- and return migrants are analysed. Only by leaving rural areas can young adults acquire the necessary skills to participate in endogenous development, however, few out-migrants subsequently return. In-migrants, while often possessing the necessary human capital to bring about an economic regeneration, are associated with relatively little new job creation. Instead in-migration is characterised by self-employment. It is argued that migration is a pre-requisite for rural economic regeneration, but that a rural endogenous development policy on its own will have limited success in regenerating areas experiencing on-going depopulation. Exogenous development strategies are also required.