This research contributes to the development of a greater understanding of the intergroup relations between Turkish Cypriots and Greek Cypriots in Cyprus. We focus, specifically, on the perspective of the low-status groups members, the Turkish Cypriots, and on the outcomes in terms of well-being. 234 citizens participated through and online questionnaire. In line with the Rejection-Identification Model, we found an indirect effect of perceived discrimination on well-being through the identification with the in-group. The model was extended to include the contact and culture adoption based ingroup acculturation. Results show that ingroup acculturation does not substitute ingroup identification as a protective mechanism, but derives from it. Finally, we analyzed the moderation effect of out-group identification on the effect of in-group identification on well-being, showing greater well-being when Turkish Cypriots choose a dissociative strategy. Results are discussed in the context of intergroup relations model’s adaptation to the study of deeply divided societies.