According to their research, the number of British pensioners living in the EU has fallen as the UK formally leaves the union, with further declines expected.

An increase is expected as UK pensioners now have to apply for residency to live in the EU post Brexit.

Salisbury House Wealth examined data from the Department for Work and Pensions (DWP) and found the number of UK pensioners living in the EU fell to 463,774 in the last year, down from 474,721 in the aftermath of the Brexit referendum in 2016.

Interestingly, some of the more popular destinations among retirees saw some of the biggest decreases over the last year, with this including:

• Italy – falling 10 percent to 33,435 in 2019/20, down from 37,135 in 2015/16
• Cyprus – falling nine percent to 17,219 in 2019/20, from 18,768 in 2015/16
• Spain – falling five percent to 103,382 in 2019/20, from 108,442 in 2015/16.

READ MORE: Brexit: British expats warned ‘passporting is over’ – full details