As far as I've heard this feature is brand new, and it's still under testing phase. Anyway, reading the docs in developers.facebook I was not able to find out if it was possible or not to make subscriptions on a year basis payment.
restfb: Facebook payment subscriptions
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Well, you can state a period of a 12 months. I mean, the only time unit you have available are weeks or years. So, the answer to your question is "yes", but the way you have to do it is on a 12-monthly basis.