I'm glad this thread is still alive. Updates to PD 13 and STILL no change in Parallels forced subscription model. (Stop responding to every mention of this with "yeah you can still buy a permanent license ... we know you can buy a HOME permanent license. We are all talking about Pro functionality here. You're trying to cleverly divert the conversation, and it's demeaning.) I'm still out. VirtualBox is handily dealing with my new VMs. I may convert everything over shortly. This crap is not worth my time. For newcomers, here's the relevant bits:
1) If you update to a "permanent" license (Home and Student edition), you will be limited to 4vCPU and 8GB RAM per VM. You will also lose out on some of the more advanced networking functions and generally things that have set Parallels as a standard in the virtualization world for years.
2) If you update to a Pro license, it is available by SUBSCRIPTION ONLY. This license will EXPIRE after you stop paying. That means you will CEASE TO BE ABLE TO USE YOUR VMs after that point in time. This is a poor business strategy, even if you intend to keep paying your subscription. It means that your licensure might stop working if there's a glitch contacting the license server that might cause problems at a production level if you're using this for critical business.
3) Parallels at this time has NO PLANS to allow you to carry forward your old version, simply ignoring updates. It's a TERRIBLE MODEL and has alienated hundreds if not thousands of previously loyal Parallels users. Plenty of reasonable solutions have been offered here, and they don't seem interested in bridging the gap.
Have a nice life, guys. It was a fun ride while it lasted.