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:
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:
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.
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