What are the visa & residency requirements in Bosnia & Herzegovina?

"To enter Bosnia & Herzegovina, visitors must obtain a visa from a Bosnian embassy or consulate prior to their arrival. The visa application process requires applicants to submit a valid passport, a completed application form, a passport-sized photograph, and proof of sufficient funds for the duration of the stay. Depending on the purpose of the visit, additional documents may be required. To apply for residency in Bosnia & Herzegovina, applicants must submit a valid passport, a completed application form, a passport-sized photograph, and proof of sufficient funds for the duration of the stay. Depending on the purpose of the stay, additional documents may be required. Applicants must also provide proof of employment or other legal source of income, proof of accommodation, and a valid health insurance policy. Once the application is approved, applicants will receive a residence permit valid for up to one year," mentioned another expat when asked about moving to Bosnia & Herzegovina.