Rural poverty in underdeveloped countries is a critical issue. A fair amount of literature exists examining the conditions of pro-poor tourism development, as well as different ways to fight it. However, in some cases, and because of the existence of a limiting factor, a potential incompatibility between tourist development and other strategies can emerge, as well as the need to compare relative efficiency. An example of this potential conflict is the one posed by tourist development and the Multiple Use of Water Services strategy (MUS) to alleviate rural poverty. In this case, the limiting constraint is access to water. This paper analyses the impacts, direct and indirect, on poverty levels, of tourist development and MUS. the authors examine the Quindío Region in Colombia, where the MUS strategy is being implemented and where an ambitious tourist development plan may open social conflict regarding water supply. The results of this analysis shows that, even if the MUS strategy has a greater positive impact on poverty alleviation, in terms of income and employment generated per unit of water, its water footprint, contrary to expectations, is much higher than the one corresponding to the tourist sector. This may jeopardize its future development, calling for a more balanced approach.