If one buys a property in the Republic of Cyprus for €300,000 or more, one may get a permanent residence without the right to work. The only requirement is that one has to purchase real estate from a developer.
Buying real estate for a smaller amount or buying from a non-developer gives the right to apply for a temporary residence permit. After living on the island for seven years with a permanent residence, one has the right to apply for naturalization - that is, to obtain a passport from the Republic of Cyprus.
Link to the official source:
(A) Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels, or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.
(C) Investment in Cyprus Company's share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.