The current situation of relations between Taiwan and Latin America presente a couple of elements that are the product of historical and recent developments not only in these regions, but also in other parts of the world. This paper discusses those factors, noting the latest changes taking place during the past couple of years. Despite the increasing diplomatic isolation which it has been subject of, the government in Taiwan has looked to Latin America and the Caribbean mainly motivated by markets and triangles. As emerging economies and members of the G-20, countries like Argentina, Brazil, and Mexico, offer important incentives for Taiwanese firms to invest there and increase their global competitiveness, both through the sales of their products and the use of those places as export platforms to more mature markets. Other medium-sized economies, like Chile, Colombia, and Peru also represent interesting market opportunities for companies in Taiwan. On the other hand, the maintenance of diplomatic ties with some countries in the region has increasingly been used by the government in the island to intensify its contacts with the United States, getting the latter involved in the effort to avoid a further loss of official partners, therefore highlighting the triangular nature of those relations.