Spain currently holds the title of the country home to the largest British-born population outside of the UK in Europe, and one of the largest in the world. However, it appears that the southern Mediterranean country is now facing fierce competition from one of its closest neighbours in attracting British residents dreaming of a life in the sunshine.

Since Brexit, while the British resident population has stayed stable, or even declined in Spain, the numbers in Portugal have surged. There are now nearly 50,000 British residents in Portugal, with many making the move since Brexit, encouraged by easier rules and regulations. Britons are now the second-largest foreign community in Portugal, surpassed only by Brazilians. The most popular regions for British expats include the Algarve, Lisbon, Setúbal and Porto.

Meanwhile, Spain is also suffering from the fallout of the scrapping of its Golden Visa earlier this year. The Portuguese equivalent, however, is proving exceptionally popular, particularly with the British, as it is designed for non-EU citizens.

The Portuguese Golden Visa is available to Brits for a €500,000 (£439,200) investment. It grants visa-free travel within the Schengen Area and requires a minimal physical stay in Portugal of seven days in the first year and then 14 days in each subsequent two-year period. After five years of holding the residency, you can then apply for permanent residency or citizenship.

Over 47,409 British citizens currently reside in Portugal, according to the country's Agency for Integration, Migration and Asylum (AIMA). This is up a major increase from the 21,300 British nationals living in the country in 2000, based on data from Portugal's Observatório da Emigração.

Meanwhile, migration from the UK to Spain has increased rapidly since the late 1990s, and in 2014, registered population figures reached 297,229. After Brexit, British nationals in Spain numbered 262,885 in 2020.

However, Spain's scrapping of its Golden Visa programme earlier this year has thrown a major spanner in the works. Since April 3, no new applications for the visa have been accepted. Individuals who already hold a valid Golden Visa can have their visas renewed under the old rules until their expiration date.

Several other European countries also have attractive Golden Visa schemes available for Brits. This includes Greece, which offers the same deal that Spain did, but for half the price. Investors are instead looking to Greece, who ask for €250,000 (£219,600) compared to Spain's €500,000. Applications are often processed in as little as three months, after which residency can be granted for the whole family for five years. Once the five years are up, residents are given the opportunity to renew.

Like Spain, there is no requirement to live in Greece and become a tax-paying resident to secure residency and the visa can be extended as long as you maintain your property investment.