Her husband, Iñaki Urdangarin, was sentenced to six years and three months in prison and fined more than €500,000 after being found guilty of embezzlement, fraud and tax evasion.
Urdangarin can file an appeal but may be taken into custody soon as the prosecutor is considering whether to request his imprisonment, a judicial source said. Torres was given an eight-and-a-half year sentence.
Although she was absolved of criminal charges, Princess Cristina will still have to pay a fine of $282,000, which reflects her civil liability.
The couple, who have been married since 1997 and have four children together, went on trial past year along with 15 others, including former government minister Jaume Matas.
Lauren adds, "Cristina and her husband are believed to be at their luxury villa in Switzerland, and were not in the courtroom for sentencing".
Urdangarin was found guilty of perversion of justice, falsifying documents, fraud, trafficking of influence, and two offences against the public treasury.
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She said that ICE agents should resist helping domestic abusers by refusing to act on tips they may give about their partners. Victims are beaten down physically and emotionally and reluctant to come forward without the fear of arrest, she said.
The investigation heightened the impression among Spaniards that the royal family was out of touch with ordinary people just as Spain was suffering its worst recession of modern times.
She was accused of using company funds for personal expenses such as clothes and dance lessons for her and Urdangarin's children, as well as for work on their home in Barcelona and then passing that off as business expenses.
It soured the last years of the reign of Felipe's father Juan Carlos, who gave up the throne in June 2014 after 39 years, hoping his son could freshen up the image of the monarchy.
The royal family did not comment on the ruling, though the place expressed its "greatest respect for the independence of the judiciary".
Inaki Urdangarin, the brother-in-law of Spain's King Felipe VI, was convicted in a landmark corruption trial that became a lightning rod for public anger at abuses of the nation's elite. On Friday, reporters waited outside their house in Geneva, hoping in vain to get a glimpse of the couple.