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

Return flights

21 Jan - 28 Jan	Avianca
30 Jan - 07 Feb	Avianca
28 Jan - 07 Feb	Avianca
29 Jan - 10 Feb	Avianca
22 Jan - 31 Jan	United
16 Jan - 30 Jan	United
17 Jan - 31 Jan	United
24 Jan - 07 Feb	United
16 Jan - 02 Feb	United
21 Jan - 04 Feb	United
16 Jan - 23 Jan	Avianca
29 Jan - 08 Feb	Avianca
28 Jan - 07 Feb	Iberia	direct
26 Jan - 02 Feb	KLM
20 Jan - 25 Jan	Air France
26 Jan - 02 Feb	Air Europa	direct
17 Jan - 31 Jan	Iberia	direct
21 Jan - 28 Jan	Iberia	direct
10 Jan - 25 Jan	Avianca
10 Jan - 27 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.

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Cheapest return flights from Madrid to Panama City in January from 511€

Return flights