In today's global economy, small developing countries like Cape Verde have very few options to spur growth and sustain long term socioeconomic development. Small size, poor resource endowment, declining foreign aid, and decreasing opportunities in the world economy have sharply reduced their options for growth and competitiveness. In response, Cape Verde and other small states have been placing increasing focus on migration as a development resource. For a country with a centuries long history of migration and a diaspora estimated to be twice the size of the resident population, harnessing the diaspora is a viable option for Cape Verde. But under what conditions is such an option effective? This article analyses the evolution of the diaspora's economic role, and assesses the conditions that enable or obstruct the diaspora's role as a development resource.