That is not a EU permanent residency permit. It is just for Cyprus. Cyprus is not even in Schengen, and this permit doesn't even allow free travel, you still need a visa to go even to Greece. It also gives no right to work or do any kind of business (even in Cyprus), i.e. it is against the goals of these people, it is mostly for retirees.
A 2-year residence permit which becomes permanent in 5 years is easy to get in any Baltic country, and it is a lot less restricting. That is, if you are too rich to work, but not rich enough to buy a passport. Otherwise you can get a permanent permit in Germany after 2 years of work which will give you full rights similar to U.S. green card, in all of the EU.