What are the visa & residency requirements in Puerto Armuelles?

"In order to visit Puerto Armuelles, visitors must obtain a tourist visa from the Panamanian government. The process of applying for a tourist visa involves submitting an application form, a valid passport, a passport-sized photograph, and a fee. In order to obtain residency in Puerto Armuelles, Panama, applicants must submit an application form, a valid passport, a passport-sized photograph, a criminal background check, proof of financial stability, and a fee. Additionally, applicants must provide proof of a valid health insurance policy and a valid work permit. Once the application is approved, the applicant will receive a residency card, which must be renewed every two years," remarked another expat who made the move to Puerto Armuelles, Panama.