The competition, which is backed by the AJ's sister title the AR, is culled from the RIBA's International Awards.
The shortlist is:
The Canadian War Museum in Ottawa by Moriyama and Teshima Architects/Griffiths Rankin Cook Architects in joint venture
The Red Location Museum of the People's Struggle in South Africa by Noero Wolff Architects
The Terrence Donnelly Centre in Toronto, by Behnisch Architekten with architects Alliance
Among the schemes that failed to make the final list were Zurich Airport by Grimshaw and the Dulnyouk Publishers building in South Korea by Foreign Office Architects.
RIBA president Jack Pringle said: 'I am delighted that the RIBA in association with the AR has created the Lubetkin Prize.
'Not only will the prize highlight the significant achievements of our members across the globe, but it also serves to honour Berthold Lubetkin, who was an RIBA member who made a major impact on architecture internationally,' he added.
The presentation of the prize will form the climax of the RIBA Awards dinner and ceremony later this month during Architecture Week.