Retiring to the Balearics is still very attractive for many Britons. | Majorca Daily Bulletin reporter

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Life may have become more complicated for new British arrivals in Spain as a result of Brexit but it does not appear to be putting Britons off retiring to the likes of the Balearics.

According to the latest research by Canada Life over 50s in Britain who have yet to retire and who are looking to retire abroad, 64% would do so for the better lifestyle, with the same doing so for the better weather, very similar to last year.

A further 54% would like to retire abroad for the cheaper cost of living, which is up from 45% in 2021.

The cost of living crisis has made more than half the over 50s (51%) thinking about retiring abroad more likely to actually make the move in the future, with fewer than one in ten (9%) less likely to do so due to rising living costs.

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For the last decade, Spain has topped the poll as the most popular overseas retirement destination and continues to do so.