A temporary residence permit (TRP) is usually issued for a year or two, with the possibility of extension, provided that the applicant meets certain requirements, such as living in the country for most of the year. In some countries, this permit is valid longer: for example, when investing in real estate in Greece, a residence permit is issued immediately for 5 years.
Permanent residence (PR) is a status that can be obtained after several years of residence in a country with a residence permit. Typically, this status lasts for life, and documents only need to be renewed every few years.
In some countries it is possible to obtain permanent residence in exchange for investment. This process usually takes several months and there is no need to obtain a residence permit first.