“Gentrification” is a term that Ruth Glass coined to describe the particular social displacement in the early 1960s in London. Fifty years later, this concept has found a wider context around the globe, with different approaches including more urban settings, key actors, and policies when compared to its foundations. “Latino gentrification” is one of these contemporary explanations, used to describe the physical and socioeconomic patterns of change that have modified the urban morphology and the social capital of Latin American inner cities, mainly since the 1990s. Thus, the key patterns discussed here – urban setting, globalization and capital accumulation, gentrifier profile and new trends in housing, and active state intervention – help in understanding the contemporary trends in gentrification and cultural impacts in Latin American neighborhoods. Replacement rather than displacement and the strong links between gentrification and globalization are raised as the main differences between European and Latin American cities.