From Argentina here, so we share the latin america issues. I’ll give you my experience:
My first serious setup was very similar to yours, just that I had a 2060 12GB GPU instead. If you have a good motherboard, you can get a nice performance update by upgrading CPU and GPU, and later add some RAM.
I first upgraded the GPU to a 6800XT and while it was better, it wasn’t all the improvement that on paper the 6800XT was over the 2060 12GB. Found out the CPU was bottlenecking heavily the GPU, so waited until I had an opportunity and grabbed a 5800X3D, which if I’m not wrong is the highest 3D cache you can get for AM4. Then bought 2x16GB RAM, and that is my current setup which I don’t plan to upgrade (well I added another 2x16 RAM so in total I have 64GB, but that was for another reason, not for MSFS). In the middle I had to upgrade the mobo too, but that was because I had a basic one.
Thing is that further update woult include changing everything, since you would be jumping to AM5 and DDR5 standard, which would requiere new motherboard, new CPU, new RAM, so if you want to spend the bare minimum, you could upgrade to an AM4 X3D CPU (long live AMD for their long term socket support, amazing that AM4 lasted so long).
With that setup, I’m pretty sure you can easily get 50-60FPS. I capped my framerate because I like to have my GPU cool, don’t like to have the hotspot at 90C. Also, you can always use framegen to improve your framerates. It works quite nicely.
Another thing to consider is the PSU: make sure it can handle a new CPU+GPU. 550W would be borderline adequate, I would go for a bigger one. There some good ones out there not that expensive. Oh and if you go for Nvidia with their HP12V connectors I think you have to make sure the PSU is compatible (not sure about this, double and triple check it since I’m not that fond with the green team and their prices, I think AMD offers much better performance per dollar ratio, raw performance speaking).
Best!
Seb