Invoices for patent annuities due in the third quarter of 2024 will arrive in one month, so we thought we’d check in with the currency markets* and see how exchange rates compare year-over-year.
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: Good News
US IP owners are in for a pleasant surprise (assuming nothing changes) for this invoice cycle. If you have patent annuity payments due in Europe, your currency costs should be slightly less than this time last year. If you have assets in the United Kingdom, you can expect a slight decrease (assuming the same portfolio composition).
- A million Euro of EUR-based payments in May 2023 cost 1.098 million USD. Today, that same million Euros of EUR-based payments costs 1.078 million USD – a 20k USD decrease year over year.
- A million Pounds of GBP-based payments in May 2023 cost 1.263 million USD. Today, that same million Pounds of GBP-based payments costs 1.253 million USD, a decrease of 10k USD.
Reality check: the 20k decrease is likely to be offset by the recent EPO price increase, but it’s still is good news!
For United Kingdom IP owners with patent annuities in the United States or Europe: Mixed News
UK IP owners can expect to see a decidedly mixed currency picture based on the recent performance of the British Pound. If you have payments due in the United States or Europe, you can expect to pay more for your US patent annuity payments and slightly less for your EU payments (assuming the same portfolio composition).
- A million Euros of EUR-based payments in May 2023 cost 870k GBP. Today, that same million Euros of EUR-based payments costs 860k GBP, a decrease of 10k GBP.
- A million dollars of USD-based payments in May 2023 cost 792k GBP. Today, that same million dollars of USD-based payments costs 798k GBP, an increase of roughly 6k GBP.
For European IP owners with patent annuities in the United States or the United Kingdom: Bad News
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 May 2023 cost 1.15 million EUR. Today, that same million Pounds of GBP-based payments costs 1.163 million EUR, an increase of roughly 13k EUR.
- A million dollars of USD-based payments in May 2023 cost 910k EUR. Today, that same million dollars of USD-based payments costs 928k EUR, basically an 18k increase.
*FX bank rates as of May 10, 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!
March 1 Cost Decrease Coming For Hong Kong Designs
Russia, EP, and OAPI Hague Design fee updates coming
