Papal Colonies

I'm not ashamed to admit I've enjoyed playing map games like Victoria 2 before, and one thing I always found fun was to take an Italian state and use it to acquire colonies somewhere in the world, usually in Asia or the Americas. Obviously, this is a far fetched possibility, but i'm curious what everyone thinks the prospects are for the Papal States acquiring, administering, and potentially retaining New World colonies. Obviously, as with Courland and KoM colonization TL's the impact on history is probably going to be minimal and reliant upon a lot of handwaving. But what's the most realistic scenario you can think of for Papal colonies?
 
A stronger Catholic church that provides funding for expeditions might be able to twist enough arms that they can turn some relatively poor but native-heavy regions into direct fiefdoms of the Pope for the express purpose of conversion and protection from the Black Legend.
 
The Dutch Historian Wesseling wrote in his book "Indie verloren.rampspoed geboren"about some weird idea's in the 19th centuru to have a papal colony im the Pacific (New Caledonia)
 
Perhaps the Pope persuades Spain to, instead of dissolving Jesuit Paraguay, transfer the region including modern Uruguay, Paraguay, and Argentine Mesopotamia, to his direct control? Possibly in exchange for some minor lands in central Italy being transferred to the Kingdom of Naples?
 
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