What are the visa & residency requirements in Iceland?

"In order to visit Iceland, foreign nationals must obtain a visa from the Icelandic Directorate of Immigration. The process of applying for a visa involves submitting an application form, providing a valid passport, and providing proof of sufficient funds to cover the duration of the stay. In order to obtain residency in Iceland, foreign nationals must submit an application to the Directorate of Immigration. The application must include a valid passport, proof of sufficient funds to cover the duration of the stay, and a valid residence permit. Additionally, applicants must provide proof of employment or a valid study permit, and must demonstrate that they have a valid health insurance policy," mentioned another expat when asked about moving to Iceland.