Life with two languages and cultures represents a challenge for most individuals as the values, beliefs and practices of a particular culture shape one’s bicultural identity. Moreover, a bicultural individual can perceive the two cultures as distanced or overlapping (blendedness) and can feel a tension or rather compatibility (harmony) between them. In addition, there exist individual differences that can be connected to different individual and contextual variables. Individual factors consist of demographic variables, personality traits and acculturation attitudes, whereas contextual factors include acculturation stress. The research conducted among 10 bicultural individuals in Switzerland shows how performance-related factors such as the engagement in the two cultures, the identification with both cultures and the acculturation attitudes predict higher perceived blendedness, whereas affective components such as personality traits, strained intercultural relationships, higher perceived discrimination and prejudice can lead to lower perceived harmony between the two cultures. In addition, the results of the research suggest that factors such as maturation and the objective distance between the two cultures may also have an influence on blendedness and harmony. However, the bicultural experience and the contact with two cultures can vary to a high degree among individuals, which is why individual and contextual factors can influence one’s bicultural identity in different ways.