My
experience is in Ecuador, and that is limited. I have looked into relocating off and on over the years and have observed others' efforts. All in all, I would have to say, it depends. Don't expect to go down and find work. I am not saying it couldn't happen, but realistically, it probably won't. You could try starting a business, but there is no guarantee of success. Most people I know have moved there to retire, with pensions or some other type of steady income. You really ought to learn Spanish (or whatever the
local language is) before you commit to relocating. You
should visit the place you intend to move to a few times, at different times of the year, before committing to move. Latin America is not Canada or the US. Things are done differently there, you will always be an outsider, corruption and crime exists pretty much anywhere you go -- in other words, no place is without serious risk. That being said, many people move there and absolutely love it.
Do your homework. Don't jump into it blind. Don't do it if you have any doubts. If you decide to do it, I wish you success.