What are the visa & residency requirements in Mongolia?

"To enter Mongolia, visitors must obtain a visa prior to arrival. The process of applying for a visa involves submitting an application form, a valid passport, a passport-sized photograph, and the applicable visa fee. Depending on the purpose of the visit, additional documents may be required. To apply for residency in Mongolia, applicants must submit an application form, a valid passport, a passport-sized photograph, and the applicable fee. Depending on the purpose of the residency, additional documents may be required. Applicants may also need to provide proof of employment, proof of financial stability, and proof of health insurance. Once the application is approved, the applicant will receive a residency permit," said another expat in Mongolia.