One simple way to model a return migration is to assume that migrants have a preference for consumption in their home country. In such a setting, migrants emigrate, because that increases their lifetime wealth (and, therefore, their lifetime consumption). At the same time, consumption abroad creates less pleasure than consumption at home. Under plausible assumptions, it is straightforward to show within this model that benefits of migration decrease over the migration cycle, while costs are positive, and may increase. This may lead eventually to a return migration. Below we provide a more formal discussion.