What are the visa & residency requirements in Liechtenstein?

"In order to visit Liechtenstein, citizens of the European Union, the European Economic Area, and Switzerland do not need a visa. Citizens of other countries may need to apply for a Schengen visa. The application process for a Schengen visa involves submitting an application form, a valid passport, two passport-sized photographs, proof of travel insurance, and proof of sufficient funds. In order to apply for residency in Liechtenstein, applicants must submit an application form, a valid passport, two passport-sized photographs, proof of financial means, and a criminal record check. Applicants must also provide proof of accommodation in Liechtenstein, such as a rental agreement or a purchase contract. Once the application is approved, the applicant will receive a residence permit," mentioned another expat when asked about moving to Liechtenstein.