This paper discusses the concepts of reshoring and nearshoring, which are gaining increasing popularity. We contribute to the literature in three main ways. First, building on previous theories we define a conceptual framework and consider how recent developments – the COVID-19 pandemic and Industry 4.0 technologies – may affect these patterns. Second, we process some preliminary evidence to test whether Latin American and Caribbean economies are indeed participating in this reshoring trend. Third, we propose a measure of “reshoring readiness”, to assess whether these countries appear to be ready to host relocations and benefit from them. Overall, we find limited evidence of nearshoring to the region so far, except in Mexico, and we highlight strengths and weaknesses of the region for attracting and benefitting from future relocations.