An optically variable element, in particular an optically variable safeguard element for safeguarding banknotes, credit cards and the like. A security product and a foil, in particular an embossing foil or a laminating foil, having such an optically variable element. The optically variable element has a thin film for producing color shifts by means of an interference and/or a reflective layer. The optically variable element further has a transparent window. The interference film and/or the reflective layer include a partial element, namely a partial thin film element or a partial reflective element, respectively. The partial element or elements surround the surface region of the transparent window.