Actually, it's someone from Spain (Portuga too, as it's in the Iberian Peninsula) or someone who's from a country historically related to Spain, countries of Latin America were colonized by Spain.
Hispanic comes from "Hispania", which is the ancient name for the Iberian penninsula. So, anyone who is from Spain, Portugal, or Latin American (which is historically linked to Spain and/or Portugal) technically is Hispanic.
All joking aside, I had to fill one of those for my school once, since it was mandatory for something I was applying for. I refused to complete it due to the fact they do not have my orientation there. I am nothing of those, I am asexual. I do not question it, I am not unsure. And yet, they tried to talk me into it, to just pick one, that it did not matter. Well, it does.
Hispanic : Latin America Mexico/Horduras/etc