What are the visa & residency requirements in Yerevan?

"In order to visit Yerevan, visitors must obtain a visa prior to their arrival. The process of applying for a visa involves submitting an application form, a valid passport, and a passport-sized photograph to the Armenian Embassy or Consulate in the visitor's home country. The visa application fee must also be paid. In order to obtain residency in Yerevan, Armenia, applicants must submit an application form, a valid passport, a passport-sized photograph, and proof of financial means to the Armenian Embassy or Consulate in their home country. The application fee must also be paid. Once the application is approved, the applicant will receive a residence permit, which must be renewed every year," said another expat in Yerevan, Armenia.