If one buys a house in Cyprus for €300,000 or more, onecan get permanent residence - without the right to work. The only requirement is that one has to purchase property from the developer.
Buying real estate for a smaller amount or from a non-developer gives one the right to apply only for a temporary residence permit. After living for seven years on the island with permanent residence, one may apply for naturalization - that is, in the future, get a passport of the Republic of Cyprus.
Details are at the link: