If you plan on staying in Nicaragua just a short time, there is no need to think about residency. If you are making a permanent move however, you may want to try and get your residency in order to avoid excesses fees and issues of legality.
There are three possible statuses attainable for those not born in Nicaragua: temporary 
resident, permanent resident and citizen. A temporary resident gets a cédula, which is the standard Nicaraguan ID card that must be renewed yearly. A permanent resident gets the same cédula, but only has to renew every five years. A citizen receives both a cédula and passport.
The requirements for residency depend on the reason for residency; whether you are a volunteer, a retiree, married to a Nicaraguan, or an investor.
More information about getting your residency in Nicaragua can be found by visiting the Nicaraguan migration website.
You can also find helpful information on the Nicaraguan US Embassy website, including a list of lawyers who can help in your residency process.
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