A subsea return fluid recovery system for recovering drilling fluid and cuttings ("return fluid") from a subsea wellbore in one embodiment includes a hub at the opening of the subsea wellbore that directs fluid into a transport device. In one embodiment, the hub includes a stand pipe that forms a return fluid column, the hydrostatic pressure of which causes return fluid to flow into the transport device rather than up the stand pipe. One or more buoyant members attached to the transport device convey the transport device toward the surface. A preferred recovery method includes collecting return fluid at the seabed, passively transporting the collected fluid to the surface, and processing the collected fluid at a local (offshore) or land based treatment facility. The retrieval and processing of the return fluid is done outside the critical path of the drilling activities at an offshore platform.