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Although the debate on the migration–remittances–development nexus in Latin America has advanced considerably in recent years, the literature has yet to analyse the socio-political implications of the process of Financialisation of Remittances (FOR) in the region. This paper sheds light on the relationship between the FOR and diaspora engagement policies in Colombia, thus contributing to a growing body of critical analyses on diasporas as agents of development and processes of financialisation beyond the global north. Since the turn of this century, Colombian governments have invested in consolidating part of the state apparatus to capture and maintain the diaspora and their resources connected to the motherland. The paper uses a case study approach centred on a systematic examination of the political–institutional apparatus developed to engage the diaspora and financialise remittances in Colombia over the past 20 years, incorporating a temporal and historical perspective of the triad migration–development–financialisation trends at the national level. It argues that the FOR is a centrepiece of the state's broader strategy for the symbolic and material redefinition of (transnational) membership, in which both, embracing – by extending social and political rights – and tapping – into migrant households' connections to global circuits of capital and finance – elements co-exist This case is illustrative of how a growing number of states are adopting models of diaspora engagement that, on the one hand, feed into the dominant financialised model of development; and on the other, serve as an instrumental strategy in the emerging architecture of the global governance of migration. [ABSTRACT FROM AUTHOR]

Recently, various Latin American governments have sought to render migrants as development agents by channelling remittances to specific sectors such as housing and finance. The available literature has yet to articulate how these developments are reconfiguring the political economy of housing in the region. The paper draws on empirical data collected at both ends of the Colombia--UK migration network. It argues that the Colombian Government's efforts to incorporate migrants into the polity through a renovated housing policy aim to institutionalize migrant households' transnational practices and their links with global circuits of capital and finance. They are underpinned by the repositioning of housing away from consumption into an investment item and driver of economic growth and the financial sector as the main medium for households' access to public and private housing, and other basic services. These developments have taken place in the context of a broader process of financialization of the global development agenda in the last three decades. [ABSTRACT FROM AUTHOR]

Highlights: [•] Migration–development nexus examined in light of the process of economic financialisation. [•] Conceptualisation of migrants as new transnational financial subjects. [•] Migration–development discourse privileges financial markets as medium for households’ reproduction. [•] Colombians in London not embracing newly-assigned financial subjectivities. [•] Resistance to subjectivities illustrates limits/uncertainties of neoliberal financialisation. [Copyright &y& Elsevier]