In a recent post, Luck of the Irish, we cited the favorable tax treatment in Ireland (among the lowest of all industrialized countries) as a key competitive advantage for Irish companies competing on a global basis.

Continuing that theme, Nick Lanyi suggests, "Genesis Lease Ltd. (NYSE: GLS) is an Irish-based aircraft-leasing company that is benefiting from a global boom in demand for commercial airplanes -- even as the U.S. economy slows."

The editor of High-Yield International states, "Airlines increasingly lease a portion of their aircraft fleet, rather than owning them." Here's look at a company with a double-digit dividend yield that is benefiting from this trend.

"Airplanes are very expensive, and they need to be replaced every few years. Especially for smaller airlines, it makes more financial sense to pay a regular monthly fee as part of a long-term lease than to shell out the money to buy an airplane.

"In addition, the leasing company is responsible for maintaining the plane -- relieving the airline of the need to recruit, retain and pay for a maintenance staff. Also, demand for air travel fluctuates over time, and leases give airlines more ability to limit excess capacity.

"Aircraft leasing is in a strong long-term growth trend. There are currently about 18,000 commercial aircraft operating worldwide, and that number is expected to double over the next 20-25 years. Why? Because China, India, Brazil, Russia and other emerging markets are growing so rapidly. As economies expand, so does airline traffic.