We were hoping by now to see a draft of the legislation which forms a small part of much wider legislation to encourage international investment in Spain. Things are cetainly active on this within the government as we hear this from several sources. But because of the complexity of the wider legislation involving expert panels and a number of ministries this is not going to be as quick as we hoped or the government promised. Our expectation is to see a draft published sometime after the summer and then for that to be considered and passed into law sometime later this year.
Note that it is perfectly possible to get a residence visa for Spain now without the need for such investment. Assets of just €24,000 need to be shown plus sustainability of income to support going forward. However this requires a stay of 183 days per year. But this could be considered a stepping stone by some until the new legislation or may of course suit those looking for a more permanent residence in Europe.