Migration is not merely a demographic movement but a multidimensional phenomenon that affects public finance, social welfare systems, local government budgets and international cooperation mechanisms. This study argues that migration itself cannot be directly classified as a global public good; however, the governance of migration — including its financing, data sharing, border management and international burden-sharing — may possess the characteristics of a global public good. Within this framework, the concepts of public goods and global public goods are examined, and migration is theoretically positioned in relation to these structures. The study evaluates both the positive (labour force contribution, tax revenues) and negative (increased public expenditures on health, education and social services) externalities of migration on public finance. It further emphasizes that while the fiscal costs of migration are mostly borne by receiving countries, its benefits often spread globally. Therefore, migration should not be treated solely as a national fiscal burden but as a public policy issue that requires international cooperation and shared responsibility within a global public finance perspective. This study contributes to the literature by reconsidering migration through the lens of global public finance.