What are the visa & residency requirements in Panama?

"The process of applying for a visa in Panama depends on the type of visa and the duration of stay. To apply for a tourist visa, you must provide a valid passport, a completed application form, a processing fee, and adequate evidence of financial means to cover the costs of your stay. A work visa requires an employment offer from a Panamanian company with an approved government business license, a valid passport and a completed application form, processing fees, and adequate financial means to cover the proposed length of stay. The process of applying for residency in Panama includes submitting an application for residency, providing supporting documents such as a valid passport, proof of financial means to cover living expenses, evidence of health insurance, a police certificate from the country of residence, and a valid work permit, depending on the type of residency being applied for. The applicant may also be required to wait for a period of 6 months to a year before a decision is made, and may even need to attend an interview in Panama. Once granted, the residency will remain valid for two years and can be renewed as long as certain requirements are fulfilled," remarked another expat who made the move to Panama.