What are the visa & residency requirements in Venezuela?

"In order to visit Venezuela, 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, two passport-sized photographs, and a fee. Depending on the purpose of the visit, additional documents may be required. In order to obtain residency in Venezuela, foreign nationals must submit an application form, a valid passport, two passport-sized photographs, a police record, a medical certificate, and a fee. The application must also include proof of financial stability, such as a bank statement or a letter from an employer. Once the application is approved, the applicant will be issued a residency card," mentioned another expat when asked about moving to Venezuela.