Currency Preview for Q2 Patent Annuities

Patent Annuities

Invoices for patent annuities due in the second quarter of 2024 will arrive in one month, so we thought we’d check in with the currency markets* and see how currency costs for international payments compare with last year’s costs.

Let’s take a look at some of the most common scenarios!

For United States IP owners with patent annuities in Europe or the United Kingdom:

Patent Annuities

US IP owners shouldn’t experience the same currency sticker shock seen in prior quarters.  If you have patent annuity payments due in Europe, your currency costs should largely be the same as last year at this time. If you have assets in the United Kingdom, you can expect to pay a bit more this year  (assuming the same portfolio composition).

  • A million Euro of EUR-based payments in Feb 2023 cost 1.09 million USD. Today, that same million Euros of EUR-based payments costs 1.087 million USD – basically no change year over year.
  • A million Pounds of GBP-based payments in Feb 2023 cost 1.220 million USD. Today, that same million Pounds of GBP-based payments costs 1.275 million USD, an increase of roughly 50k USD.

For United Kingdom IP owners with patent annuities in the United States or Europe:

Patent Annuities

The currency gods are looking favorably on the British Pound. If you have payments due in the United States or Europe, you can expect to pay slightly less for your United Kingdom patent annuity payments and slightly less for your United States payments  (assuming the same portfolio composition).

  • A million Euros of EUR-based payments in Feb 2023 cost 892k GBP. Today, that same million Euros of EUR-based payments costs 853k GBP, a decrease of 39k GBP.
  • A million dollars of USD-based payments in Feb 2023 cost 818k GBP. Today, that same million dollars of USD-based payments costs 784k GBP, a decrease of roughly 34k GBP.

For European IP owners with patent annuities in the United States or the United Kingdom:

The currency gods have been looking less favorably on the Euro to date. If you have payments due in the United States or the United Kingdom, you can expect to pay a bit more this year for patent annuity payments in either jurisdiction (assuming the same portfolio composition).

  • A million Pounds of GBP-based payments in Feb 2023 cost 1.12 million EUR. Today, that same million Pounds of GBP-based payments costs 1.17 million EUR, an increase of roughly 50k EUR.
  • A million dollars of USD-based payments in Feb 2023 cost 917k EUR. Today, that same million dollars of USD-based payments costs 919k EUR, basically flat year over year. 

*FX bank rates as of Feb 1, 2024. Your rates may differ and will include additional currency costs or other fees, all of which will vary based on actual portfolio composition.

Want more of this kind of stuff? Take A Look Here!

Designs
Design Fee Updates

March 1 Cost Decrease Coming For Hong Kong Designs

Hong Kong has announced a decrease in design fees to “promote the further development of intellectual property trading,” contingent upon the completion of the proper ...
Read More →
covid-19-global-economic-crisis
Design Fee Updates

Russia, EP, and OAPI Hague Design fee updates coming

Russia, EP, and OAPI Hague Design Fee Updates Coming Hague Design fees don’t change very often, but this week, we received notification of updates coming ...
Read More →
IP Currency Costs and IP fee updates
Design Fee Updates

IP Currency Costs: More Than a Maintenance Issue

Over the past several years, we’ve seen a significant focus on improving currency cost controls for patent annuities and trademark renewals but comparatively less on ...
Read More →

More To Explore

Prokurio Logo

We've Got a Lot To Share!

Sign up for quick IP-focused updates every Friday.
#image_title

Let's Do It!

Give us your email if you’d like to try out our Firm Planning Bundle. We’ll send you a confirmation email and get your trial started. If you don’t see an email within 10 minutes, check your spam folder.

There’s no cost or long-term obligation.
#image_title

Let's Do It!

Give us your email if you’d like to try out Client Planner. We’ll shoot you a confirmation email and get your trial started – check your SPAM folder if you don’t see an email within 10 minutes.

There’s no cost or long-term obligation.
Prokurio Logo

We need a little info...

Give us some contact info and we’ll email you the program details. No SPAM, no hassles. 
Prokurio Logo

You're All Set!

You should receive a confirmation shortly.
Check your SPAM folder if you don’t see an email.
#image_title

Let's Do It!

Give us your email if you’d like to try out IP Forecaster. We’ll shoot you a confirmation email and get you setup quickly – check your SPAM folder if you don’t see an email within 10 minutes.

There’s no cost or long-term obligation.