Yes, there is a renewal fee of 19.95, but this is a fee if you will want to upgrade after your initial 12 months. The firewall will still be fully functional after your initial 12 months licence expires. (so you do not need to renew just to keep the firewall working)
Jetico 2 will still be somewhat fully functional, but you won't be able to add or edit the rules. http://www.smokey-services.eu/forum/viewtopic.php?t=6437
When trialing Jetico 2 you can modify the rules until the trial runs out. When purchasing Jetico 2 you can modify the rules even after the trial runs out, but will not be able to update the firewall to future builds without paying the $19.95 renewal fee.