Thermochromic smart windows have been extensively investigated due to two main benefits: first, the comfort for people in a room through avoiding high temperatures resulting from solar heating while taking advantage of the visible light, and second, the energy efficiency saving offered by using those systems. Vanadium dioxide (VO2) is one of the most used materials in the development of thermochromic devices. The countries located in the tropics show little use of these technologies, although studies indicate that due to their characteristics of solar illumination and temperature, they could benefit greatly. To optimize and achieve maximum benefit, it is necessary to design a window that adjusts to tropical conditions and at the same time remains affordable for extensive implementation. VO2 nanoparticles embedded in polymeric matrices are an option, but improvements are required by means of studying different particle sizes, dopants and polymeric matrices. The purpose of this review is to analyze what has been regarding toward the fabrication of smart windows based on VO2 embedded in polymeric matrices for tropical areas and provide a proposal for what this device must comply with to contribute to these specific climatic needs.