Here are my favorite films from Spain and Latin America (including Brazil, Mexico, Central America and South America) including co-productions.

Rated 10/10
The Exterminating Angel (Buñuel, 1962) (Mexico)
Chimes at Midnight (Welles, 1965) (Switzerland/France/Spain)
The Good, the Bad, and the Ugly (Leone, 1966) (Italy/Spain/West Germany/US)
All About My Mother (Almodóvar, 1999) (Spain/France)
Talk to Her (Almodóvar, 2002) (Spain)

Rated 9/10
That Obscure Object of Desire (Buñuel, 1977) (France/Spain)
The Official Story (Puenzo, 1985) (Argentina)
Kiss of the Spider Woman (Babenco, 1985) (Brazil/US)
City of God (Meirelles & Lund, 2002) (Brazil/France)
The Holy Girl (Martel, 2004) (Argentina/Italy/Netherlands/Spain)
Pan’s Labyrinth (del Toro, 2006) (Spain/Mexico/US)
The Secret in Their Eyes (Campanella, 2009) (Argentina/Spain)
Roma (Cuarón, 2018) (Mexico/US)

Rated 8/10
Black Orpheus (Camus, 1959) (Brazil/France/Italy)
Women on the Verge of a Nervous Breakdown (Almodóvar, 1988) (Spain)
Four Days in September (Barreto, 1997) (Brazil/US)
Central Station (Salles, 1998) (Brazil/France)
Amores Perros (González Iñárritu, 2000) (Mexico)
Y Tu Mamá También (Cuarón, 2001) (Mexico)
Bus 174 (Padilha & Lacerda, 2002) (Brazil)
The Motorcycle Diaries (Salles, 2004) (Argentina/US/Chile/Peru/Brazil/UK/ Germany/France)
Bad Education (Almodóvar, 2004) (Spain)
The Sea Inside (Amenábar, 2004) (Spain/France/Italy)
Bonsái (Jiménez, 2011) (Chile/Argentina/Portugal/France)
Aquarius (Mendonça, 2016) (Brazil/France)