"Open border green card system"? You have to jump through a gazillion hoops and pay a fortune to obtain a green card, I'd hardly call that "open border." (As a medical worker who used to be interested in moving to and working in the US, I've done my research.)
Also, Iceland doesn't have a green card, but they do have Residence permits, and they have by no means "eliminated immigration."
Furthermore, they also provide asylum for refugees:
"Persons, who are subject to persecution in their own countries or for other reasons fall under the refugee term according to Icelandic law, have the right to asylum in Iceland. In pressing instances, for example, serious illness or particularly difficult social circumstances in the home state, granting a residence permit on humanitarian grounds is permissible." - Directorate of Immigration website
Also, Iceland doesn't have a green card, but they do have Residence permits, and they have by no means "eliminated immigration."
Furthermore, they also provide asylum for refugees:
"Persons, who are subject to persecution in their own countries or for other reasons fall under the refugee term according to Icelandic law, have the right to asylum in Iceland. In pressing instances, for example, serious illness or particularly difficult social circumstances in the home state, granting a residence permit on humanitarian grounds is permissible." - Directorate of Immigration website
* * * Something something dark side * * *