In recent years, policymakers have portrayed return migration as positive for development. In both migrant sending and migrant receiving countries, policymakers expect the transfer of economic, cultural and social capital by returnees to stimulate economic growth. Inherent in these assumptions is the idea of a unidirectional flow of capital from northern countries of immigration to the countries of return. The objective of this article is to contest this idea of a one‐way transfer of capital through a case study of Cape Verdean returnee business owners. To what extent have they accumulated their various forms of capital before emigration, during their sojourn abroad or after return? In this article, I examine the returnees' multi‐sited accumulation of capital and how it corresponds to the resources they need to run a sustainable business. In addition, I analyse how they adapt capital accumulated abroad to the conditions in Cape Verde.