A friend tells me that as an American I can own 1 rai, I said this is not true. Anyone know the answer

No.

...maybe when Cobra Gold is finished....

Not just American. Anyone who has invest in Thailand 1 Million US dolar here can own the land 1 rai.

....but its not really true freehold ownership as even when the investment is approved its tied to that investment and has various restrictions.

As I've said before anyone investing that money would likely not be interested in such a weak model for the ownership which on balance is probably less attractive than a basic nominee structure let alone what someone doing business in country may be able to arrange.

....but its not really true freehold ownership as even when the investment is approved its tied to that investment and has various restrictions.

As I've said before anyone investing that money would likely not be interested in such a weak model for the ownership which on balance is probably less attractive than a basic nominee structure let alone what someone doing business in country may be able to arrange.

And, if the business is closed or fails, the whole arrangement collapses.

Yes, if you have a big enough pot of gold to plant in the ground along with your 1 Rai.

Not just American. Anyone who has invest in Thailand 1 Million US dolar here can own the land 1 rai.

Correct, nationality has nothing to do with it. Although I should add you'll also need the permission of the Interior Minister and that 1M US$ must be invested in Govt bonds for 5 years.