The invention concerns a security document comprising a translucent carrier substrate, in particular of paper and/or plastic material, and at least one security element which is applied to the carrier substrate or embedded in the carrier substrate and which presents at least one image when viewed in the transillumination mode from at least a first side of the security document and simulates a presence of at least a first watermark in the carrier substrate, wherein the security element has at least region-wise at least one layer which simulates the first watermark, wherein the at least one layer of the security element, that simulates the first watermark, imparts thereto unexpected optical effects in relation to security elements with conventional watermarks.