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

Return flights

30 Jan - 14 Feb	Avianca
23 Jan - 13 Feb	Avianca
26 Jan - 16 Feb	Avianca
25 Jan - 21 Feb	Avianca
26 Jan - 21 Feb	Avianca
26 Jan - 26 Feb	Avianca
26 Jan - 27 Feb	Avianca
23 Jan - 01 Feb	Avianca
19 Jan - 28 Jan	Avianca
16 Jan - 24 Jan	Avianca
17 Jan - 24 Jan	Avianca
16 Jan - 25 Jan	Avianca
19 Jan - 26 Jan	Avianca
20 Jan - 21 Feb	Avianca
16 Jan - 13 Feb	Avianca
17 Jan - 24 Jan	Iberia	direct
14 Jan - 21 Jan	KLM
12 Jan - 19 Jan	Iberia	direct
14 Jan - 21 Jan	Iberia	direct
09 Jan - 24 Jan	Avianca

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.

Book a cheap hotel in Panama City

Cheap car rent in Panama City

Cheapest return flights from Madrid to Panama City in January from 559€

Return flights