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

Return flights

03 May - 17 May	Avianca
01 May - 07 May	Avianca
07 May - 24 May	Avianca
04 May - 10 May	Avianca
01 May - 15 May	Avianca
07 May - 14 May	Avianca
05 May - 14 May	Avianca
13 May - 25 May	Avianca
09 May - 23 May	Avianca
04 May - 18 May	Avianca
15 May - 15 Jun	Air Europa	direct
10 May - 10 Jun	Air Europa	direct
06 May - 03 Jun	Air Europa	direct

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

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 May from 560€

Return flights