A security element for papers of value or security papers, wherein the security element has a first side and a second side opposite the first side , wherein the security element on the first side has at least one color-shifting first region which is perceptible when viewed from the first side , wherein the first region has a layer with color-shifting pigments, in particular interference pigments, pigments with a color-shifting thin-layer structure or liquid crystal pigments, or a layer with a color-shifting thin-layer structure or at least one liquid-crystal layer, in particular at least one cholesteric liquid crystal layer, wherein the security element has at least one second region with a printing ink which produces a color impression independent of a viewing angle when viewed from the first side , wherein a color-shifting effect is produced in the first region when a viewing angle is changed, wherein the first region produces the same color impression as the second region when viewed from the first side at at least a first viewing angle , and wherein the first region has a different color impression than the second region when viewed from at least a second viewing angle which differs from the first viewing angle , characterized in that the security element has a color-shifting third region with a second color-shifting effect on the second side , wherein the third region comprises a layer with color-shifting pigments, in particular interference pigments, pigments with a color-shifting thin-layer structure or liquid crystal pigments, or a layer with a color-shifting thin-layer structure or at least one liquid crystal layer, in particular at least one cholesteric liquid crystal layer, wherein the security element , when viewed from the second side , has a second region with a printing ink which produces a color impression independent of a viewing angle , wherein the color-shifting third region has the same color impression as the second color-constant region under a first viewing angle and a different color impression under at least a second viewing angle which differs from the first viewing angle , wherein an interaction of the first color-shifting effect and the first color impression independent of the viewing angle is not perceptible from the second side , and an interaction of the second color-shifting effect and the second color impression independent of the viewing angle is not perceptible from the first side . the security element has a color-shifting third region with a second color-shifting effect on the second side , wherein the third region comprises a layer with color-shifting pigments, in particular interference pigments, pigments with a color-shifting thin-layer structure or liquid crystal pigments, or a layer with a color-shifting thin-layer structure or at least one liquid crystal layer, in particular at least one cholesteric liquid crystal layer, wherein the security element , when viewed from the second side , has a second region with a printing ink which produces a color impression independent of a viewing angle , wherein the color-shifting third region has the same color impression as the second color-constant region under a first viewing angle and a different color impression under at least a second viewing angle which differs from the first viewing angle , wherein an interaction of the first color-shifting effect and the first color impression independent of the viewing angle is not perceptible from the second side , and an interaction of the second color-shifting effect and the second color impression independent of the viewing angle is not perceptible from the first side . <EOS>