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

Return flights

22 Jan - 04 Feb	Air Europa	direct
26 Jan - 03 Feb	Air Europa	direct
26 Jan - 04 Feb	Air Europa	direct
22 Jan - 03 Feb	Air Europa	direct
28 Jan - 05 Feb	Air Europa	direct
25 Jan - 03 Feb	Air Europa	direct
25 Jan - 02 Feb	Air Europa	direct
19 Jan - 04 Feb	Iberia	direct
19 Jan - 24 Jan	Iberia	direct
20 Jan - 10 Feb	Avianca
21 Jan - 18 Feb	Avianca
26 Jan - 29 Jan	Avianca
26 Jan - 31 Jan	Iberia	direct
25 Jan - 30 Jan	Avianca
16 Jan - 30 Jan	TAP
26 Jan - 29 Jan	Air Europa	direct
16 Jan - 23 Jan	TAP
17 Jan - 28 Jan	Iberia
24 Jan - 31 Jan	Air France
23 Jan - 31 Jan	Iberia

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 561€

Return flights