What are the visa & residency requirements in Egypt?

"In order to visit Egypt, foreign nationals 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 nearest Egyptian embassy or consulate. Depending on the purpose of the visit, additional documents may be required. In order to obtain residency in Egypt, foreign nationals must first obtain a residence permit. This can be done by submitting an application form, a valid passport, a passport-sized photograph, and proof of financial means to the nearest Egyptian embassy or consulate. 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 Egypt.