EXHIBIT 8.1

Subsidiaries of Fly Leasing Limited



|                                                    |  |                              
|--------------------------------------------------- |  | -----------------------------
|Name of Subsidiary                                  |  | Jurisdiction of Incorporation
|Amber Aircraft Leasing Limited                      |  | Ireland                      
|Aphrodite Aviation Limited                          |  | Ireland                      
|Arden Aviation Australia Pty Limited                |  | Australia                    
|Artemis Aviation Limited                            |  | Ireland                      
|B&B Air Acquisition 3151 Leasing Limited            |  | Ireland                      
|B&B Air Acquisition 3237 Leasing Limited            |  | Ireland                      
|B&B Air Acquisition 34953 Leasing Limited           |  | Ireland                      
|B&B Air Acquisition 34956 Leasing Limited           |  | Ireland                      
|B&B Air Acquisition 403 Leasing Limited             |  | Ireland                      
|B&B Air Funding 733 Leasing SARL                    |  | France                       
|B&B Air Funding 747 Leasing SARL                    |  | France                       
|B&B Air Funding 27974 Leasing Limited               |  | Ireland                      
|B&B Air Funding 27974 Mezzanine Leasing Limited     |  | Bermuda                      
|B&B Air Funding 28595 Leasing Limited               |  | Ireland                      
|B&B Air Funding 29052 Leasing Limited               |  | Ireland                      
|B&B Air Funding 29052 Mezzanine Leasing Limited     |  | Bermuda                      
|B&B Air Funding 29330 Leasing Limited               |  | Ireland                      
|B&B Air Funding 29330 Mezzanine Leasing Limited     |  | Bermuda                      
|B&B Air Funding 888 Leasing Limited                 |  | Ireland                      
|Babcock & Brown Air Acquisition I Limted            |  | Bermuda                      
|Babcock & Brown Air Finance (Cayman) Limited        |  | Cayman Islands               
|Babcock & Brown Air Finance II (Cayman) Limited     |  | Cayman Islands               
|Babcock & Brown Air Funding I Limited               |  | Bermuda                      
|Babcock & Brown JET-i Limited                       |  | Ireland                      
|Baker & Spice Aviation Limited                      |  | Ireland                      
|Balfour Aviation Limited                            |  | Ireland                      
|Caledonian Aviation Holdings Limited                |  | Ireland                      
|Callista Aviation Limited                           |  | Ireland                      
|Carnelian Aircraft Leasing Limited                  |  | Ireland                      
|Central Aviation Australia Pty Limited              |  | Australia                    
|Churchill Aviation Limited                          |  | Ireland                      
|Clementine Aviation Limited                         |  | Ireland                      
|Commercial Aviation Solutions Australia Pty Limited |  | Australia                    
|Coral Aircraft Holdings Limited                     |  | Cayman Islands               
|Coral Aircraft One Limited                          |  | Ireland                      
|Coral Aircraft Three Limited                        |  | Ireland                      
|Coral Aircraft Two Limited                          |  | Ireland                      
|Coronet Aviation Australia Pty Limited              |  | Australia                    
|Drake Aviation Limited                              |  | Ireland                      
|Eternity Aviation Limited                           |  | Ireland                      
|Fairydell Limited                                   |  | Ireland                      
|Fly 28071 Leasing SARL                              |  | France                       
|Fly Acquisition II Limited                          |  | Bermuda                      
|Fly Aircraft Holdings Nine Limited                  |  | Ireland                      
|Fly Aircraft Holdings Eight Limited                 |  | Ireland                      
|Fly Aircraft Holdings Five Limited                  |  | Ireland                      
|Fly Aircraft Holdings Four Limited                  |  | Ireland                      
|Fly Aircraft Holdings One Limited                   |  | Ireland                      



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|                                           |  |                              
|------------------------------------------ |  | -----------------------------
|Name of Subsidiary                         |  | Jurisdiction of Incorporation
|Fly Aircraft Holdings Seven Limited        |  | Ireland                      
|Fly Aircraft Holdings Six Limited          |  | Ireland                      
|Fly Aircraft Holdings Three Limited        |  | Ireland                      
|Fly Aircraft Holdings Two Limited          |  | Ireland                      
|Fly Funding II SARL                        |  | Luxembourg                   
|Fly Peridot Holdings Limited               |  | Ireland                      
|Fly-BBAM Holdings, Ltd                     |  | Cayman Islands               
|GAAM China No. 1 Limited                   |  | Ireland                      
|GAHF (Ireland) Limited                     |  | Ireland                      
|Garnet Aircraft Leasing Limited            |  | Ireland                      
|Global Aviation Holdings Fund Limited      |  | Cayman Islands               
|Goa Aviation Limited                       |  | Ireland                      
|Grace Aviation Limited                     |  | Ireland                      
|Great Wall Aviation Limited                |  | Ireland                      
|Hermes Aviation Limited                    |  | Ireland                      
|Hobart Aviation Holdings Limited           |  | Ireland                      
|JET-i 2522 Leasing Limited                 |  | Ireland                      
|JET-i 25232 Leasing Limited                |  | Ireland                      
|JET-i 25232 Owner One Limited              |  | Bermuda                      
|JET-i 25233 Leasing Limited                |  | Ireland                      
|JET-i 25233 Owner One Limited              |  | Bermuda                      
|JET-i 2670 Leasing Limited                 |  | Ireland                      
|JET-i 2728 Holdings Limited                |  | Ireland                      
|JET-i 2728 Leasing SARL                    |  | France                       
|JET-i 28042 Leasing Limited                |  | Ireland                      
|JET-i 2849 Leasing Limited                 |  | Ireland                      
|JET-i 34293 Leasing Limited                |  | Ireland                      
|JET-i 34295 Leasing Limited                |  | Ireland                      
|JET-i 34898 Leasing Limited                |  | Ireland                      
|JET-i 34899 Leasing Limited                |  | Ireland                      
|JET-i 35089 Leasing Limited                |  | Ireland                      
|JET-i 35211 Leasing Limited                |  | Ireland                      
|JET-i 533 Leasing Limited                  |  | Ireland                      
|JET-i 566 Leasing Limited                  |  | Ireland                      
|Judbury Investments Pty Limited            |  | Australia                    
|Kimolos Limited                            |  | Ireland                      
|Marlborough Aviation Limited               |  | Ireland                      
|Montgomery Aviation Limited                |  | Ireland                      
|Mumbai Aviation Limited                    |  | Ireland                      
|Nelson Aviation Limited                    |  | Ireland                      
|Opal Holdings Australia Pty Limited        |  | Australia                    
|Opal Holdings Cayman Limited               |  | Cayman Islands               
|Opal Holdings II Australia Pty Limited     |  | Australia                    
|Padoukios Limited                          |  | Ireland                      
|Palma Aviation Limited                     |  | Ireland                      
|Panda Aviation Limited                     |  | Ireland                      
|Quartz Leasing Pty Limited                 |  | Australia                    
|Quilldell Limited                          |  | Ireland                      
|Richoux Aviation Limited                   |  | Ireland                      
|Roosevelt Holdings Limited                 |  | Ireland                      
|Rushcutters Aviation Australia Pty Limited |  | Australia                    
|Sapphire Leasing Pty Limited               |  | Australia                    
|Shire Aviation Australia Pty Limited       |  | Australia                    



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|                                   |  |                              
|---------------------------------- |  | -----------------------------
|Name of Subsidiary                 |  | Jurisdiction of Incorporation
|Somerset Aviation Limited          |  | Ireland                      
|Suffolk Aviation Limited           |  | Ireland                      
|Surrey Aviation Limited            |  | Ireland                      
|Sussex Aviation Limited            |  | Ireland                      
|Temple Aviation Holdings Limited   |  | Ireland                      
|The Aviation Solutions Unit Trust  |  | Australia                    
|The Barcom Aviation Unit Trust     |  | Australia                    
|The Cecil Aviation Unit Trust      |  | Australia                    
|The Durbar Aviation Unit Trust     |  | Australia                    
|The Wellington Aviation Unit Trust |  | Australia                    
|The Wentworth Aviation Unit Trust  |  | Australia                    
|Tourmaline Aircraft Leasing Ltd    |  | Ireland                      
|Victoria Peak Aviation Limited     |  | Ireland                      
|Wingate Aviation Limited           |  | Ireland