What are the visa & residency requirements in San Juan del Sur?

"In order to visit San Juan del Sur, visitors must obtain a visa prior to their arrival. The process of applying for a visa involves submitting an application form, a valid passport, a passport-sized photograph, and a fee to the Nicaraguan embassy or consulate in the visitor's home country. In order to obtain residency in San Juan del Sur, Nicaragua, applicants must submit an application form, a valid passport, a passport-sized photograph, a police record, a medical certificate, and a fee to the Nicaraguan immigration office. The application process also requires the applicant to provide proof of financial stability, such as a bank statement or a letter from an employer. Once the application is approved, the applicant will receive a residency card, which must be renewed every two years," remarked another expat in San Juan del Sur, Nicaragua.