I think there’s HUGE potential in Latin America. With the economies of countries like Brazil, Chile, and Peru growing rapidly, it just means more people are going to have more money to spend – including spending it online.
I’m not exactly sure why Latin America is neglected by marketers, but I suspect it’s because most internet marketers are from English-speaking countries, so they don’t speak Spanish or Portuguese. And because they don’t speak the local language they (correctly) believe it would be a big hassle getting into those markets. This is the main reason I haven’t had my own products translated into Spanish – because, in addition to translating my products, I’d also need to set up customer support in that language, too.
Miguel, your language skills are a big advantage. One simple way you could start making money in Latin American markets is to start promoting the most popular Clickbank products that are available in Spanish. Here’s one example: a product called “Truth About Abs”, which is a huge seller in English-speaking markets, and has been translated into Spanish (“Pierda Grasa Abdominal”): http://www.pierdagrasaabdominal.com/
Another way you could get started is to look at the most popular Clickbank products that DON’T have a Spanish equivalent, and create your own similar, Spanish-language product. Just follow the steps in Niche Sherpa to get a good understanding of your market, then create your product.
If you have any questions about how to get started, go ahead and post them here.