Multi-layer security paper

The invention relates to multi-ply security paper for manufacturing security or value documents, such as banknotes, identity cards and the like. In a first paper layer (52) is introduced a continuous security element (54) which is freely accessible on at least one side of the paper layer (52). The first paper layer (52) on the freely accessible side of the security element (54) from a second paper layer (56) covered, and the second paper layer (56) has in the region of the security element (54) one or more openings (58) on.