Peninsulares, any of the colonial residents of Latin America from the 16th through the early 19th centuries who had been born in Spain. They enjoyed the special favor of the Spanish crown and were appointed to most of the leading civil and religious posts under the colonial regimenof the Spanish Empire. Peninsulares were also given preference in commerce, whereas creoles were severely restricted in their business activities. Thus, there was division and conflict between the two groups.  This tension evetually led to the independence movements in Latin America.

Edited from: https://www.britannica.com/topic/peninsular