YANGON, March 26 (Xinhua) -- Some 480 applicants out of 593 were granted permanent residency in Myanmar during the past four years as of March 21 since the country started accepting such application in January 2015, the Information Ministry said on Tuesday.

Myanmar's permanent residency system was introduced during the previous U Thein Sein's government under four categories for foreign experts, investors, former Myanmar nationals and foreigners who are related to Myanmar nationals.

The system enables eligible foreign applicants to stay in Myanmar for an initial period of five years with a possibility of further extension.

The system, in fact, benefits those overseas Myanmar taking foreign citizenship to return and stay back in Myanmar permanently to enable them to do their businesses for the country's economic development.

Myanmar has also relaxed some rules and regulations for the permanent residency in accordance with the international standards.

Meanwhile, the Central Committee for Implementation of Permanent Residency, at its meeting held in capital of Nay Pyi Taw on Monday, approved 54 more permanent residency applications in the country, updating the total number to 534.

The committee is headed by Minister of Labor, Immigration and Population U Thein Swe.

Myanmar disallows dual citizenship according to the 1982 Citizenship Law.