This paper analyses farm-household strategies and investment behaviour of Polish farmers with a particular focus on the perceived effects of CAP. The paper is based on a survey of Polish farmers carried out in 2006 on a sample of 63 farms. Farmers where selected in order to fit in the intersection of the following categories: different altitudes (plain/mountain); different specialisation (arable crops, livestock, fruit trees), different technology (conventional, organic). The survey includes information about farm and household structure, expectations, reaction to planned and intended investment, as well as about potential reforms such as decoupling of EU payments. Results show multifaceted expectations toward the future. The main objectives expressed by farmers are to reduce income uncertainty and to increase household worth. CAP payments are normally used on farm and concentrated on covering current costs and investment expenditure. The perspective of decoupling is expected to produce either no change or an increase of on farm investment.