What are the visa & residency requirements in Paraguay?

"In order to visit Paraguay, foreign nationals 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 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 Paraguay, foreign nationals must submit an application form, a valid passport, a passport-sized photograph, proof of sufficient funds to cover the duration of the stay, and a criminal background check. Depending on the purpose of the residency, additional documents may be required. Once the application is approved, the foreign national will be issued a residency card, which must be renewed every two years," explained one expat living in Paraguay.