Between 2020 and 2022, software engineer salaries in Latin America surged dramatically—in many cases nearly doubled. This was driven by the remote-work boom and strong demand from U.S. companies paying in USD. Rates largely standardized across LATAM, with engineers benchmarking compensation in dollars rather than local currency. Since around 2025–2026, salaries have been readjusting downward, making LATAM talent highly competitive again for international companies.