The FAQ You Requested...
How long is the Domain Name registration period?
Most Domain Names can only be registered for a fixed period of 2-years. However, it is now possible to register the Core Domain Names - .com, .net and .org - for periods ranging from 2 to 10 years.
However, the new .eu domain launched in April 2006 can only be registered for 1 year at a time, forcing owners to renew their domains every year.