Restating sentences to achieve better wording

Looks like an incomplete sentence. I agree with the previous commentators that the sentence is badly lacking the main verb. I like the sentence restated by the first commentator “According to an old label, Latin Americans are believed to be more passionate and emotional than the people of different origin.” and I offer you mine: Latin Americans are stereotypically known for their passionate character.
Hope I helped!

To reorganize this phrase, add the main verb. Your problem is that this structure that you have presented is incomplete so it does not make the ultimate sense. I recommend you to consul grammar guides on the sentence building.
Your focus of interest should be what makes the sentence complete and how to achieve completeness in practice.

Latin Americans have the passionate character according the old stereotype.

It is an old belief that Latin Americans have emotional character.

To me, this sentence is senseless. It seems that you have failed to use the main verb in it.

I think you need to reorganize the sentence so that it would have an introductory clause and an additional verb suggesting that the information has the source that can’t be confirmed so that it could be clear to the reader that it is a stereotype rather than the trustworthy fact: According to an old label, Latin Americans are believed to be more passionate and emotional than the people of different origin.