There are a number of significant differences between residency and citizenship. A citizen of a country, nation or state has rights that a resident doesn’t. Citizens maintain their status and rights for life. In addition, citizenship status can be inherited by children and grandchildren by proving their direct relation to the citizen.
Residents do not have these privileges or security. Residency status can be either temporary or permanent, depending on the laws of the respective country. Each of these delegations entail different responsibilities, conditions and rights.
Residents are often need to renew their permits by continuing to satisfy the country’s legal requirements. This may include maintaining the initially-required investment, good health and clean criminal records, and meeting physical residency requirements. Renewal periods and requirements vary by country.
As a note: you are a still a citizen of your home country while being a permanent resident in another.
*In some countries the ability to “work” does not mean seek employment. Countries like Greece and Cyprus only allow permanent residents to work within their own business, but not seek employment in the country’s workforce.