We already have programs for granting preferential immigration to high-skilled foreigners. Every advanced country does. Unrestrained immigration is incompatible with a welfare state. Which would you rather have?
The result would be extremely visibly racist, but I think the right response to that is to understand that existing immigration laws are in effect equally racist. It's the visibility that would change, rather than the degree.
Now it's racist for a country to provide services to its own citizens that it doesn't provide to the citizens of other countries?