What are the visa & residency requirements in Punta del Este?

"In order to visit Punta del Este, visitors must obtain a visa from the Uruguayan Embassy or Consulate in their home country. The visa application process requires applicants to submit a valid passport, a completed application form, a passport-sized photograph, and proof of sufficient funds to cover the duration of the stay. In order to apply for residency in Punta del Este, Uruguay, applicants must submit a valid passport, a completed application form, a passport-sized photograph, and proof of sufficient funds to cover the duration of the stay. Additionally, applicants must provide proof of employment or a business plan, proof of health insurance, and a criminal background check. Once the application is approved, the applicant will receive a residency card, which must be renewed every two years," mentioned another expat when asked about moving to Punta del Este, Uruguay.