The invention concerns an optically variable element and a security product having such an optically variable element, a foil, in particular an embossing foil or a laminating foil having such an optically variable element, and a process for producing such an optically variable element. The optically variable element has a thin film layer succession with at least one spacer layer for producing color shifts by means of interference. In a first region of the thin film layer succession the spacer layer is of a different layer thickness from in a second region of the thin film layer succession. In that case the layer thicknesses of the spacer layer in the first and second regions are so selected that in the first region of the thin film layer succession a first color shift is produced by means of interference and in the second region of the thin film layer succession a second color shift which is different from the first color shift is produced.