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We investigate the challenges that migration flows pose on policymaking aimed at fostering human capital accumulation in peripheral regions. We employ a unique data set generated through a postal survey designed and conducted by the authors. The focus of our analysis is on the micro-level location decisions of a sample of highly educated and skilled individuals residing in Basilicata, an Italian Mezzogiorno region, who have benefited from a locally funded human capital investment policy. Investigamos los retos que los flujos de migración imponen en la formulación de políticas dirigidas a acoger la acumulación de capital humano en regiones periféricas. Empleamos un único conjunto de datos generado a través de un muestreo postal diseñado y llevado a cabo por los autores. El punto focal de nuestro análisis es en las decisiones de ubicación a micro-nivel de una muestra de individuos altamente educados y capacitados residentes en la Basilicata, una región del Mezzogiorno italiano, que se han beneficiado de una política de inversión en capital humano financiada localmente. [ABSTRACT FROM AUTHOR]