The law of Spanish nationality for Sephardis has been approved (11th June 2015).  And officialy enacted on October 1st, 2015.

See full text of the law published in the Official Gazette on June 25.

From October 1, applicants will have three years to submit their applications in order to obtain Spanish nationality.

Applicants for Spanish citizenship must prove their Sephardic origin and a special relationship with Spain, the law does not require residence in Spain or the renounce to the citizenship.

See:

FAQ

Certificates – FCJE  

Portal of the Ministry of Justice