This paper examines the recent changes with respect to Spains image in Latin America, related to its prominent position as foreign investor in the region. The interest of this topic lies in several aspects. The first is macroeconomic and business-oriented. The Spanish investment in Latin America is one of the most notable phenomenons related to globalisation. Furthermore, Spanish companies have contributed to significant changes in the Latin American business culture. Secondly, in terms of market research, it entails applying the brand image concept in an unusual context; and has added infrequent players, such as governments and high management, to the brand problematic.