Everything is a trade-off
I believe that keeping it simple is very important for being able to stay the course long-term.
You can spend many, many hours thinking/worrying about which ETF's to choose, where to keep them etc etc. In the end it probably won't matter much, if at all. It's better to spend your energy on earning/saving as much as you can because that WILL make a huge difference.
The eurostoxx 50 etf is a fine ETF. Some will say that 50 eurozone stocks is not enough, some will say it is. The Permanent Portfolio books suggests European stocks but I don't think they gave the Eurozone situation that much thought to be honest.
A european stock etf will work fine as well, as will a mix between eurozone and global stocks.
Pick the one that makes you feel most comfortable, and understand that no-one knows which stock markets will perform best in the future. I wouldn't worry about holding multiple ETF's in multiple regions etc, that just makes things more complicated imo.
Regarding the Dutch dividend situation. If Think ETF's manages to give you 100% of dividends, this saves you about 0.3% a year for a global stock etf and 0.15% for eurozone stock etf. Calculation: dividend yield * witholding percentage. The witholding percentage is lower for eurozone stocks, higher for US/emerging markets stocks.
This is not the full story though. Think ETF's are mostly equal weighted instead of cap weighted which means the ETF's will have internal transaction costs when the ETF rebalances. Another thing to consider: Ishares/Vanguard try to lower the TER by doing some securities lending.
So in the end I don't think the difference will be huge.
Deciding which bonds to use is usually the hardest part in a Eurozone PP. There is a huge difference between bonds from Northern countries and Southern countries. For a Dutch/German person it's a bit easier as you can just buy long-term treasuries of your own government. No need to hold any foreign bonds. The yield is absolutely horrible though... Last time I checked it was something like 1% which is lower than inflation and only slightly higher that a one-year CD (spaardeposito). Can't really recommend anyone to buy these bonds at these rates.
For me this was one of the main reasons to abandon the Permanent Portfolio and switch to just global stocks and high-quality short-term fixed income with only a little bit of gold. To me this felt safer and simpler, to others it might feel riskier.
