Here you go. 
Code:
Option Explicit
Private Declare Function SetLayeredWindowAttributes Lib "user32" (ByVal hWnd As Long, ByVal crKey As Long, ByVal bAlpha As Byte, ByVal dwFlags As Long) As Long
Private Declare Function UpdateLayeredWindow Lib "user32" (ByVal hWnd As Long, ByVal hdcDst As Long, pptDst As Any, psize As Any, ByVal hdcSrc As Long, pptSrc As Any, crKey As Long, ByVal pblend As Long, ByVal dwFlags As Long) As Long
Private Declare Function GetWindowLong Lib "user32" Alias "GetWindowLongA" (ByVal hWnd As Long, ByVal nIndex As Long) As Long
Private Declare Function SetWindowLong Lib "user32" Alias "SetWindowLongA" (ByVal hWnd As Long, ByVal nIndex As Long, ByVal dwNewLong As Long) As Long
Private Const GWL_EXSTYLE = (-20)
Private Const LWA_COLORKEY = &H1
Private Const LWA_ALPHA = &H2
Private Const ULW_COLORKEY = &H1
Private Const ULW_ALPHA = &H2
Private Const ULW_OPAQUE = &H4
Private Const WS_EX_LAYERED = &H80000
Public Function MakeTransparent(ByVal hWnd As Long, Perc As Integer) As Long
Dim Msg As Long
On Error Resume Next
If Perc < 0 Or Perc > 255 Then
MakeTransparent = 1
Else
Msg = GetWindowLong(hWnd, GWL_EXSTYLE)
Msg = Msg Or WS_EX_LAYERED
SetWindowLong hWnd, GWL_EXSTYLE, Msg
SetLayeredWindowAttributes hWnd, 0, Perc, LWA_ALPHA
MakeTransparent = 0
End If
If Err Then
MakeTransparent = 2
End If
End Function
To use have something like this.
Code:
Private Sub Form_Load()
MakeTransparent Me.hwnd, 200
End Sub
Credits to my friend Andrey.