People who relocate to Spain may be able to enjoy reduced living costs, according to experts.

ShelterOffshore.com said the European country is currently very popular with retired expatriates from places such as the UK.

The website stated that upon setting up home in Spain, foreign nationals are finding that they are saving money in many areas.

For example, utility bills and food costs are lower, while many are also paying smaller amounts in tax than they were in the UK.

ShelterOffshore.com added that the fact Spain has a hot and sunny climate means people are not paying as much for central heating.

The website commented: “The cost of living is generally lower when you have less need for fuel to heat your home.”

According to the Institute of Public Policy Research, more than 3.3 million British pensioners are likely to be living abroad by 2050.

Tags: relocation, retirees, Spain