Invoices for patent annuities due in the first 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.
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:
Unfortunately, the currency gods haven’t been favorable to the US Dollar. If you have patent annuity payments due in Europe or the United Kingdom, you can expect to pay more this year (assuming the same portfolio composition).
- A million Euro of EUR-based payments in Nov 2022 cost 990k USD. Today, that same million Euros of EUR-based payments costs 1.056 million USD, an increase of almost 70k USD.
- A million Pounds of GBP-based payments in Nov 2022 cost 1.15m USD. Today, that same million Pounds of GBP-based payments costs 1.214 million USD, an increase of roughly 60k USD.
For United Kingdom IP owners with patent annuities in the United States or Europe:
The currency gods have been a bit kinder to the British Pound (compared with the US Dollar). If you have payments due in the United States or Europe, you can expect to pay more for your United Kingdom patent annuity payments and less for your United States payments (assuming the same portfolio composition).
- A million Euros of EUR-based payments in Nov 2022 cost 861k GBP. Today, that same million Euros of EUR-based payments costs 870k GBP, an increase of roughly 9k GBP.
- A million dollars of USD-based payments in Nov 2022 cost 869k GBP. Today, that same million dollars of USD-based payments costs 824k GBP, a decrease of roughly 45k GBP.
For European IP owners with patent annuities in the United States or the United Kingdom:
The currency gods have been kindest to the Euro to date. If you have payments due in the United States or the United Kingdom, you can expect to pay less this year for patent annuity payments in either jurisdiction (assuming the same portfolio composition).
- A million Pounds of GBP-based payments in Nov 2022 cost 1.162k EUR. Today, that same million Pounds of GBP-based payments costs 1.15 million EUR, a decrease of roughly 10k EUR.
- A million dollars of USD-based payments in Nov 2022 cost 1.01m EUR. Today, that same million dollars of USD-based payments costs 947k EUR, a decrease of roughly 60k EUR.
*FX source: OANDA – www.oanda.com rates as of Nov 2, 2023. Your rates may differ, include currency costs or other fees, and will vary based on actual portfolio composition.
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