I'm not a sexpat, but I decided against Latin America as well (even the ones along the Caribbean coastline), even though there's good things about them, so not trying to be a negatoilet here.
I'm a bit boat-centric on what I know about, but piracy tends to be 10x more of a PIA there and the drug trade's a mess, rampant political corruption, so it might be a pleasant place to go, but I've heard a lot of stories of people with some kind of problems with authorities and had to "grease a lot of palms" with bribes and so on just to get out of there.
Sorry if it comes off too negative, I'm not fear-mongering either (or else I obviously wouldn't like countries like Jamaica which I believe has often taken the #1 slot of highest murder per capita rate in the world, if I'm not mistaken?

). But the drug trade is a problem throughout the Caribbean and Latin America to some degree but I believe it is much worse down there, especially in some of the coastal countries I looked at with an eye to dodging hurricances, such as Columbia, Venezuela, Honduras. (There's a lot of piracy in Brazil too.)
Panama and Belize might not be as bad comparatively, but while there are nice things about them that'd make a more cheerful discussion, there's still too much BS for my taste, weirdness with people scavenging for cocaine packets washed alongshore so they can sell them (but sometimes end up users if they find one), white girl I know had some guy come up and tell here he could get $100k+ for selling her into the sex slave trade, etc.
In a major economic downturn, this stuff tends to get worse.