What are the visa & residency requirements in Liberia?

"To apply for a visa to Liberia, travelers must submit an application form, a valid passport, two passport-sized photographs, and proof of sufficient funds to cover the duration of their stay. The visa application must be accompanied by a letter of invitation from a Liberian citizen or a company based in Liberia. Once the application is approved, the visa will be issued and must be presented upon arrival in Liberia. To apply for residency in Liberia, applicants must submit an application form, a valid passport, two passport-sized photographs, and proof of sufficient funds to cover the duration of their stay. The application must also include a letter of invitation from a Liberian citizen or a company based in Liberia. The application must be accompanied by a valid work permit, if applicable. Once the application is approved, the residency permit will be issued and must be presented upon arrival in Liberia," mentioned another expat when asked about moving to Liberia.