What are the visa & residency requirements in Baku?

"In order to visit Baku, visitors must obtain a visa prior to arrival. The process of applying for a visa involves submitting an application form, a valid passport, and a passport-sized photograph to the Azerbaijani Embassy or Consulate in the visitor's home country. Depending on the purpose of the visit, additional documents may be required. In order to obtain residency in Baku, Azerbaijan, applicants must submit an application form, a valid passport, a passport-sized photograph, and proof of financial stability to the Azerbaijani Embassy or Consulate in their home country. Depending on the purpose of the residency, additional documents may be required. Once the application is approved, the applicant will receive a residence permit, which must be renewed every year," mentioned another expat when asked about moving to Baku, Azerbaijan.