Does a more generous migrant regularization regime lead to better welfare outcomes? I study this question by comparing Venezuelan migrants in Colombia and Peru using the 2024 LAPOP migrant surveys combined with nationally representative AmericasBarometer surveys of host populations. Contrary to the conventional expectation, the migrant-native gap in food insecurity is substantially larger in Colombia, despite its more generous statutory regularization regime, while the migrant penalty in formal employment is nearly identical across countries. The contrast coincides with large differences in effective policy coverage: in 2024, a much larger share of Venezuelan migrants in Colombia lacked any migration permit than in Peru. Differences in documentation coverage and employment account for most of the cross-country gap in food insecurity, whereas differences in migrant composition explain little. The results suggest that statutory generosity is a poor guide to migrant welfare unless it translates into broad documentation coverage and labour market integration. More generally, they highlight the importance of distinguishing de jure policy design from de facto implementation when evaluating regularization programmes.