To try and steal a march on their Portuguese neighbours, Iberia have got some great fares to Latin America from Lisbon and Porto in Premium Economy.
American Airlines also have their own fare but it appears to be confined to one of the routes mentioned below.
You should use the Avios and Tier Points earning calculator to confirm exactly how many Tier Points you will earn. This is especially important because many Madrid to Latin America sectors are marginally above or below the 6000 mile threshold which earns extra-long haul tier points.
Going from Lisbon or Porto, you can head to most Latin American countries for around €1000 (depending on specific countries' taxes). We found:
- Quito, Ecuador – €1060
- Lima, Peru – €1043, (€942 if you fly on American Airlines and connect in Miami)
- Buenos Aires – €1020
- Sao Paulo – €974 (including just before Mardi Gras in February 2020, though you'll need to find a way to get to Rio de Janeiro though, as flights there weren't as cheap as this!)
- Rio de Janeiro – €1074 on British Airways
Most fares appear to be bookable from January 2020 onwards for travel until July 2020.