Another big question – not everybody wants one! You’ll want a residence permit if you plan on spending more consecutive months on the island than your tourist visa will allow unless you’re in the country under an investor or occupational permit, or a retirement visa. For people who don’t plan on using their residence for more than a month or two, it isn’t always necessary.
To qualify for a residence permit through the purchase of a property, you need to purchase within a designated scheme (IRS/RES/PDS or SC) put in place by the government, and your property must cost a minimum of 375,000 USD + taxes.
If you don’t need the permit, this opens up a few other options. The latter will probably be apartments in G+2 blocks, with a minimum buy-in of only 175,000 USD – all in all, quite a difference depending on your end game.