Yes, the license expires after one year. Below are the details of purchase and renew.
If you want to update your theme after a year, then you need to re-purchase it. But if you don’t need update then you don’t need to re-purchase it.
If you do not wish to renew after a year, your site will still be running fine except your product would not be eligible to get new version updates.
You can further refer http://themepalace.com/faq/
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.