We examine the mechanisms explaining the life satisfaction of Latin American migrants living in Canada (in the province of Québec) and Israel. This comparative approach allows us to consider some specific aspects of the respective integration contexts, as well as the immigrants' perceptions and expectations as they settle in these two host societies. Our survey results show that life satisfaction is associated with stronger feelings of socio‐economic success, fewer feelings of being disadvantaged because of being a foreigner, and positive personal cost‐benefit calculations about the decision to emigrate. We found two main differences between the countries. The effect of socio‐economic success on life satisfaction for immigrants in Canada was stronger than for their counterparts in Israel. The effect of attachment to the host country on the life satisfaction of immigrants in Israel was stronger than for their counterparts in Canada.