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We examined the predictors of psychological adaptation regarding subjective well-being and loneliness among international students. The sample included 243 Cape Verdean students attending Portuguese universities, and the control group was composed by 265 native-born Portuguese students. The latter group reported higher levels of well-being and lower levels of loneliness than Cape Verdean students. Multiple regressions revealed that ethnic orientation, national orientation, academic satisfaction, and sociocultural competence explained 51% of the variance in subjective well-being; ethnic identity, perceived discrimination, and sociocultural competence explained 26% of the variance in loneliness. Findings raise a number of issues that are discussed in the light of previous research.