What are the visa & residency requirements in Rio de Janeiro?

"In order to visit or live in Rio de Janeiro, foreign nationals must obtain a visa from the Brazilian Embassy or Consulate in their home country. The type of visa required depends on the purpose of the visit, such as tourism, business, study, or work. To apply for a visa, applicants must submit a valid passport, a completed visa application form, a passport-sized photograph, and any other documents required by the Brazilian Embassy or Consulate. Foreign nationals who wish to live in Rio de Janeiro, Brazil, must apply for residency. To apply for residency, applicants must submit a valid passport, a completed application form, a passport-sized photograph, and any other documents required by the Brazilian Embassy or Consulate. In addition, applicants must provide proof of financial stability, such as a bank statement, and proof of health insurance. 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 Rio de Janeiro, Brazil.