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Meaning that almost all colonies are at least nominally under the sovereignty of either Spain or Portugal, depending roughly on geographic location. My guess is that what can make this happen is no Iberian Union => Protestant Britain continuing to respect Portuguese claims under the ancient Anglo-Portuguese Alliance and instead leasing land from Portugal => the Netherlands and maybe the Nordic countries and/or various Italian states and/or the HRE and/or France signing similar agreements with Portugal and/or Spain (France could go either way).