On Tuesday, Infanta Cristina was summoned to appear in court to answer questions in a long-running fraud case involving her husband Iñaki Urdangarin.
The case, which is focused on the alleged embezzlement of at least €6 million of public funds, has hurled Cristina into the centre of a corruption scandal that has outraged the nation.
The fake TIME magazine cover, showing a downcast Princess behind the red bar-like letters of the prestigious US publication, has struck a chord with many Spaniards.
Spain's press on Wednesday hailed the news that King Juan Carlos' youngest daughter has been declared a financial fraud suspect as evidence that all are equal under the law.
"Far from endangering the pillars of the state or the future of the monarchy, the judge's decision is a good symptom of the democratic health of a society facing severe criticism of the functioning of its institutions," Spain's leading daily El País said in an editorial.
It will be the first time in modern history that a direct relative of the Spanish king has faced court as a suspect, a fact some Spaniards have embraced after Cristina's previous court call-up was overturned.
Although the highly shared TIME Magazine cover is not in fact real, the current affairs weekly has run a piece on Spain's monarchy which they've titled Bourbons Behaving Badly: How the Spanish Royals got into trouble.