AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in January 2026 (see full year).

Return flights

27 Jan - 10 Feb	KLM
26 Jan - 07 Feb	KLM
24 Jan - 07 Feb	Air Europa	direct
26 Jan - 08 Feb	KLM
22 Jan - 02 Feb	Air Europa	direct
26 Jan - 08 Feb	Air Europa	direct
26 Jan - 07 Feb	Air Europa	direct
27 Jan - 10 Feb	Air Europa	direct
25 Jan - 30 Jan	KLM
30 Jan - 15 Feb	United
16 Jan - 17 Feb	United
15 Jan - 22 Jan	United
16 Jan - 24 Jan	United
21 Jan - 31 Jan	United
14 Jan - 31 Jan	United
15 Jan - 28 Jan	United
16 Jan - 25 Jan	United
19 Jan - 25 Jan	United
19 Jan - 31 Jan	United
17 Jan - 28 Jan	United

Also check the deals for one-way flights from Madrid to Panama City in January.

The deals are updated regularly. The prices may go up as tickets are purchased by other travellers. Only the cheapest flights are offered. Select a price to book and secure these cheap prices.

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Cheapest return flights from Madrid to Panama City in January from 495€

Return flights