The tax question also comes down to your location flexibility you could:
a) Become Non-Dom in Cyprus and pay no taxes
b) Live in Switzerland and pay no capital gains tax if you dont churn much (6 months holding period)
c) Be very rich to begin with and negotiate with the Italian/Portugese authorities to relocateā¦
Disclaimer: This is (obviously) not tax advice 
and there are more options like company in Budapest etc