What are the visa & residency requirements in Romania?

"In order to visit Romania, foreign nationals must obtain a visa prior to their arrival. The process of applying for a visa involves submitting an application form, a valid passport, a passport-sized photograph, and any other documents required by the Romanian Embassy or Consulate. In order to obtain residency in Romania, foreign nationals must submit an application to the Romanian Immigration Office. The application must include a valid passport, a passport-sized photograph, proof of financial means, proof of accommodation, and any other documents required by the Immigration Office. Once the application is approved, the foreign national will be issued a residence permit, which must be renewed every year," mentioned another expat when asked about moving to Romania.