This model of the The Henschel Hs 126 is as used during the Spanish Civil War in 1938 by the German Condor Legion.
The aircraft is decorated in a pale grey, green and brown camouflage scheme on the upper body with a pale blue underside. Note the Condor Legion insignia printed on the model - the wing roundel in black with a white diagonal cross, the fuselage roundel - completely black, and the fin flash of a diagonal black cross.
There is also a machine gun housed in the gunner's rear cockpit seat.