Chile, perhaps. Latin America is pretty insulated from the housing bubble, Chile in particular. It also has these innovative concepts called capitalism and democracy. As an entrepreneur, you barely pay taxes. I've met people who pay whatever you want (because of loopholes) or whatever your con, save VAT, which is at 18%. You can hire anybody, from anywhere on earth, with minimal amounts of immigration bullshit [1]. Engineers cost about the same as they do in India. Weather is as good as SV. On top of that, the elite is largely made up of engineer entrepreneurs, and they run the place. It more free trade agreements than any other country, and is the only Western country with a FTA with China.
However, you're far from big markets, and people are xenophobic, and the universities are not on a par with Stanford or Harvard. Plus, it's not Silicon Valley. Starting a company isn't easy, but it is less hard than it is at a lot of other places. Also, quality is hard to find.
I would never recommend going to another country to start a company because emigrating is starting from scratch, and you might know less Spanish than you think. But if you were really set on going somewhere else, and set on going to Latin America, Santiago's not a bad place to go.
[1] There's a limit: no more than 15% of your employees can be non-Chileans.
However, you're far from big markets, and people are xenophobic, and the universities are not on a par with Stanford or Harvard. Plus, it's not Silicon Valley. Starting a company isn't easy, but it is less hard than it is at a lot of other places. Also, quality is hard to find.
I would never recommend going to another country to start a company because emigrating is starting from scratch, and you might know less Spanish than you think. But if you were really set on going somewhere else, and set on going to Latin America, Santiago's not a bad place to go.
[1] There's a limit: no more than 15% of your employees can be non-Chileans.
See also: http://apps.ycombinator.com/item?id=243269