What are the visa & residency requirements in Madrid?

"In order to visit Madrid, a visitor must obtain a visa from the Spanish Embassy or Consulate in their home country. The visa application process requires the submission of a valid passport, a completed application form, a passport-sized photograph, and proof of sufficient funds to cover the duration of the stay. Depending on the purpose of the visit, additional documents may be required. In order to obtain residency in Madrid, Spain, an individual must apply for a residence permit. The application process requires the submission of a valid passport, a completed application form, a passport-sized photograph, proof of sufficient funds to cover the duration of the stay, and proof of health insurance. Depending on the purpose of the stay, additional documents may be required. Once the application is approved, the individual will receive a residence permit card, which must be renewed every two years," explained one expat living in Madrid, Spain.