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

Return flights

08 May - 17 May	Avianca
08 May - 16 May	Avianca
03 May - 03 May	Avianca
09 May - 17 May	Avianca
20 May - 31 May	Avianca
08 May - 17 May	Air Europa	direct
08 May - 16 May	Air Europa	direct
01 May - 16 May	Air Europa	direct
01 May - 15 May	Air Europa	direct
22 May - 04 Jun	Air Europa	direct
20 May - 31 May	Air Europa	direct
29 May - 03 Jun	Air Europa	direct
29 May - 15 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 505€

Return flights