What are the visa & residency requirements in The Algarve?

"In order to visit The Algarve, visitors must obtain a Schengen visa from the Portuguese Embassy or Consulate in their home country. The process of applying for a visa involves submitting a completed application form, a valid passport, two passport-sized photographs, proof of accommodation, proof of sufficient funds, and proof of travel insurance. In order to obtain residency in The Algarve, Portugal, applicants must submit a completed application form, a valid passport, two passport-sized photographs, proof of accommodation, proof of sufficient funds, proof of health insurance, and a criminal record certificate. Additionally, applicants must provide evidence of their professional qualifications, a valid work contract, and proof of payment of the applicable fees," mentioned another expat when asked about moving to The Algarve, Portugal.