This paper investigates the impact of migration on Italian inbound tourism flows in a dynamic panel data framework. Arrivals, expenditure and nights from 65 countries are analysed for the period 2005–2011. The migration variable is defined at both origin and destination in order to assess the pushing and pulling forces. Estimates were performed using both aggregated flows and flows disaggregated to separate the visiting friends and relatives (VFRs) from two non-VFR categories, namely holiday and business. The results suggest the presence of a strong migration-tourism nexus, which clearly goes beyond VFRs. Moreover, the effects of the different determinants vary according to the way in which the tourism market is segmented and, within each segment, to the way in which tourism demand is measured.