I have had some success painting this type of model with rattle can paint from the local hardware store ... but you have to be very careful!
The propellant in the spray can eats away at the foam and makes a big globby mess of the surface. So what I will do is just lightly dust the surface from a long ways away 18-24" maybe. Then I'll do it again, and again. The goal is to get a smattering of paint hitting the surface but from far enough away so the propellant dissipates (mostly). After 4-5 light dustings, enough spatterings of paint start joining together to protect the underlying foam surface. Then you can hit it with a bit thicker coat of spray. It is really hard to be patient enough and get enough dusting coats in, but when you do it carefully, the result can turn out very nice.
I will typically paint the wing tips and tail tips and leave most of the model unfinished white.
There are lots of types of paint (and I'm not a paint expert) so maybe you can find something that works better and is safer with foam. For me, the easiest way to get a variety of colors and get the job done quick is to run up to the local hardware store and grab a rattle can of something.
For the skywalker below the wings and vertical stab turned out perfect, but I got impatient on the horizontal stab, so especially the moving elevator got all bubbled up and globby ... eventually it dried enough so I could lay down a few more coats of paint and it wasn't too noticeable, but ugh, I notice it every time I look at it. The model aero polaris turned out really nice (I got an all white unpainted pre-production version.) Adding some electrical tape to trim the edges seemed to be a nice way to finish off the seams.
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