This essay reviews existing theories of professional emigration as background to examine the present situation. Classical theories of the brain drain neglected the possibility that immigrant professionals would return to their home countries and make significant investments and economic contributions there. They do, in fact, with beneficial consequences for the development of these countries. The advent of the transnational perspective in the field of immigration has helped clarify these dynamics, while identifying the conditions under which professional cyclical returns and knowledge transfers can take place. Implications for the future attraction of foreign professionals by the United States and other advanced countries are discussed.