General Gregor MacGregor was a Scottish soldier, adventurer, and confidence trickster who attempted from 1821 to 1837 to draw British and French investors and settlers to "Poyais", a fictional Central American territory that he claimed to rule as "Cazique". Hundreds invested their savings in supposed Poyaisian government bonds and land certificates, while about 250 emigrated to MacGregor's invented country in 1822–23 to find only an untouched jungle; more than half of them died. Seen as a contributory factor to the "Panic of 1825", MacGregor's Poyais scheme has been called one of the most brazen confidence tricks in history.

The Darien scheme was an unsuccessful attempt, backed largely by investors of the Kingdom of Scotland, to gain wealth and influence by establishing New Caledonia, a colony in the Darién Gap on the Isthmus of Panama, in the late 1690s. The plan was for the colony, located on the Gulf of Darién, to establish and manage an overland route to connect the Pacific and Atlantic Oceans. The backers knew that the first sighting of the Pacific Ocean by Balboa was after crossing the isthmus through Darién. The expedition also took sovereignty over 'Crab Isle' in 1698, yet sovereignty was short-lived. The attempt at settling the area did not go well; more than 80 per cent of participants died within a year, and the settlement was abandoned twice.