If you're looking for high-yield dividend stocks, you can't ignore overseas companies.

Limiting your portfolio of income stocks to U.S. stocks alone, you may find yourself overloaded with energy and business development stocks. While there are a few income stocks worth owning in both of these sectors, owning too many would be high-risk.

So today, we're going to branch out and look at to international income stocks to buy. Our top dividend stock here has a yield higher than 9% right now.

Of course, I would not put all of my assets into foreign high-yield stocks, either. But a small portion invested overseas could add some diversification without reducing cash flow.

Europen and Asian stocks are markedly cheap when you use the Cyclical Adjusted Price to Earnings Ratio, or CAPE ratio, developed by Dr. Robert Schiller. There is a correlation between the CAPE ratio and forward returns. Buying high-yielding stocks in countries with low CAPE ratios can be a sound and profitable strategy.

When looking for International income stocks, it usually makes the most sense to buy large companies with a well-established business. Chasing smaller companies adds too much risk to the portfolio.

Let's start with the cheapest market in the world right now. Russia has A CAPE ratio of just 6.4. While investing in Russia can be a scary thought, the truth is that a lot of people had made enormous amounts of money in Russian stocks by buying when valuations were low, like today.

Our first international dividend stock pays above 7%…

Regular Income from an Eternal Brand

Coca-Cola European Partners Plc. (NYSE: CCEP) distributes Coca-Cola products to 300 million people in the United Kingdom and Western Europe. The company is based in the United Kingdom, which gives us another chance to put money to work in a country with a low CAPE ratio. The United Kingdom has a CAPE of just 13 right now. That's less than half of the current CAPE of 28 here in the United States.

This is not a complicated business, but it is a perfect one. Coca-Cola European Partners is the largest bottler of Coca-Cola based on revenue in the world. It buys the ingredients from the Coca-Cola Co. (NYSE: KO), bottles the product, and sells it to consumers all over the economically stable Western European region.

The semiannual dividend is currently 7.22%. Insiders own more than 50% of the company, so they have a vested interest in making sure the payout continues to grow.

This next income stock has a slightly higher dividend yield. After this, we'll show you our 9% dividend…

Higher Dividends in Japan

Canon Inc. (NYSE: CAJ) is a familiar name for U.S. consumers. The company makes cameras, printers, digital cameras, copy machines, and other electronic equipment for home and office use. Canon also has a medical division that makes a wide range of medical imaging equipment.

Canon has a dividend yield of 7.61 right now.

Those who care about the technicals of a stock will note that Canon shares are forming a quadruple bottom.

Japan has a CAPE ratio of 19 right now, so it is still far cheaper than the U.S. markets.

Now, the moment you've been waiting for. Here is an international income stock that pays a 9.29% dividend right now…

The Best International Income Stock

Mobile TeleSystems Public Joint Stock Co. (NYSE: MBT) is a telephone company in Russia. Although its core business is wireless, it also sells fixed-line services, including home telephony, broadband Internet, and pay-TV services in Moscow and different regions throughout Russia. MTS ranks among the top three broadband access providers and the top five pay-TV operators in Russia.

MTS also offers fintech services to customers, including cash management solutions, payroll services, and overdraft and loan programs.

Politics and grudges aside, Russians will use their phones and laptops. MTS will collect the cash and share part of it with us as a dividend. It is not exactly like buying AT&T, but it is not off as much as you might think. The stock is trading with a price/earnings ratio of just 10, which is well below where companies like AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) trade right now.

MBT is yielding 9.29% right now. The dividend is paid semiannually.

In addition to the dividend, Mobile Telesystems has been actively buying back stock in the open market. That should provide further support for the stock price.

Adding international stocks to your income portfolio can help diversify away from the much higher valuation in the United States. These stocks help you achieve some diversification without sacrificing the high income you need to earn on your investments in a zero-interest rate world.