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They also start with a decent headstart with free navigators and the Azores as a forward base...
If you want something "new", you can also play as a Colonial Nation. I started as Brazil, won my independence through a bloody war and started reclaiming the whole of south America
The thing about EUIV is, if you start colonizing early enough, then you can be a colonial power. I don't even care much for trade.
In a swden campaign I have 6 colonies and 0 colonists.
Edit: 6 colonial nations
New Tyrol and New Styria are having a lot of fun in NA and Imperial Brazil has just risen from the ashes of a Portugese colony, meanwhile the fact that the entire HRE is my vassal ensures I can get them any other country's colony I want by declaring war to the mothercountry and watch the vassalstacks take down their armies.
PS: shame you can't add american territory to the HRE due to the "must be next to thing", would be fun to turn the USA president into an Imperial Prince.
lol
Pick the right rivals and allies and you can continue to spend your time in the mainland in relative peace while you go colonize