What are the visa & residency requirements in Monaco?

"In order to visit Monaco, foreign nationals must obtain a Schengen visa from the French consulate in their home country. The process of applying for a visa involves submitting a valid passport, a completed application form, a passport-sized photograph, proof of accommodation, proof of financial means, and a travel itinerary. In order to obtain residency in Monaco, foreign nationals must submit an application to the Monaco Immigration Department. The application must include a valid passport, a completed application form, a passport-sized photograph, proof of accommodation, proof of financial means, and a detailed description of the applicant's professional activities. The applicant must also provide a criminal record certificate from their home country. Once the application is approved, the applicant will be issued a residency permit," mentioned another expat when asked about moving to Monaco.