The Colca Valley in Peru, known for its rich cultural, natural, and historical assets, is a significant tourism destination. This research explores regenerative tourism, a transformative framework that enhances ecological integrity, cultural heritage, and community well-being. Central to this approach is the co-creation process, integrating indigenous knowledge and systems thinking. The study introduces "careholders," community members with a moral and ethical responsibility for tourism development. The primary research question is: How do the people of the Colca Valley understand their tourism assets, and what are their aspirations for the future of tourism? The literature review highlights the dual impacts of tourism, emphasizing both benefits and challenges. It underscores the synergy between community-based tourism and participatory planning in advancing regenerative principles. Recent discussions emphasize engaging community members as essential for sustainable and regenerative tourism outcomes. This study aims to fill the gap in understanding local residents' perceptions of their tourism assets and aspirations. Using a qualitative methodology, semi-structured interviews with stakeholders in the Colca Valley will be conducted. Thematic analysis will identify recurring patterns and insights. Expected findings include diverse understandings of tourism assets, aspirations for cultural preservation, economic equity, and ecological sustainability, and concerns about over-tourism and exclusion from decision-making processes. These insights will inform strategies for aligning tourism development in the Colca Valley with regenerative principles.