A gold card sold for $5m with a photo of Donald Trump. Is this a crazy idea aimed at grabbing media attention (the famous "flood the zone" strategy) or a new ticket to life in the United States?

If we follow the story back, the idea was launched by Donald Trump in February. Then in April, aboard Air Force One, the US president presented and promoted it to the press. And last week, he unveiled the dedicated website where interested parties can register.

Currently, the EB-5 system offers visas to foreign investors. However, the current administration believes that fraud is widespread and that it should be replaced by the "gold card." This golden ticket would offer a permanent visa for $5m.

According to Commerce Secretary Howard Lutnick, the initiative has been a resounding success. On Monday, he claimed that almost 70,000 people had already signed up.

Of course, these figures should be taken with a pinch of salt. First, because this administration has a fascination with big numbers, even if it means exaggerating the reality or even telling tall tales.

Second, because simply registering only requires providing fairly basic information, with no proof of income. So even though 70,000 people have actually registered, that doesn't necessarily mean that as many golden cards will actually be issued.

Nevertheless, this could potentially represent significant resources for the federal budget. According to calculations by MarketScreener's macro research teams, if 70,000 people buy this card for $5m, that's $350bn in revenue for the US government.

This is certainly not a small amount. But it does not solve the budget equation either. For information, in the first eight months of FY 2025 (which began in October 2024), the budget deficit stood at $1.4 trillion. We are therefore a long way from the hopes of Howard Lutnick, who, just at the end of May, estimated that this system would "pay for everything".