Many empirical studies on immigrant integration document the benefits of an education acquired in the country of destination. In this article; we study how the degree of human capital transferability affects an immigrant's chances of studying in Spain. We used data from the Spanish Labour Force Survey (2008-2015) for a sample of adults aged 18-55 who had left the educational system. The main findings show that natives are the ethnic group with the highest likelihood of re-enrolling in education. Amongst immigrants, those with fewer limitations on human capital transferability also invest more. These results question the predictions of the "Immigrant Human Capital Investment" model which expect that immigrants whose human capital depreciates upon arrival and those who can obtain a higher return on a new investment in education are therefore more likely to study. Moreover, the effect of skill transferability differs depending on the type of obstacle and the kind of education. Immigrants with less linguistic and cultural familiarity with the host country are less likely to undertake non-formal education than formal education. However, when the transferability obstacles are related to administrative requirements and legal restrictions, the probability of investing in non-formal education is higher. We conclude that immigrants with low skill transferability are not only less well integrated in the labour market upon arrival, but are also less able to redress that disadvantage through a new investment in education.