This invention is directed to a corrosion resistant permanent magnet, to a method for producing a corrosion resistant permanent magnet, and to an intravascular blood pump comprising the magnet. The magnet is corrosion resistant due to a composite coating comprising a metal layer, optionally a metal oxide layer, a layer formed from poly(2-chloro-p-xylylene), and a linker layer between the metal oxide layer and the poly(2-chloro-p-xylylene) layer.