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

Return flights

07 May - 16 May	Avianca
07 May - 17 May	Avianca
19 May - 28 May	Avianca
08 May - 24 May	Avianca
13 May - 25 May	Avianca
29 May - 06 Jun	KLM
04 May - 12 May	Avianca
08 May - 24 May	Iberia	direct
08 May - 17 May	Iberia	direct
29 May - 05 Jun	Iberia	direct
07 May - 17 May	Air Europa	direct
05 May - 12 May	Air Europa	direct
21 May - 02 Jun	Air Europa	direct
29 May - 12 Jun	Avianca
29 May - 19 Jun	Avianca
29 May - 12 Jun	Iberia	direct
29 May - 19 Jun	Iberia	direct
29 May - 06 Jun	Air Europa	direct
28 May - 05 Jun	Air France
25 May - 01 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 £517

Return flights