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
04 May - 18 May	Avianca
13 May - 24 May	Avianca
04 May - 17 May	Avianca
08 May - 16 May	Avianca
01 May - 18 May	Avianca
03 May - 12 May	Avianca
11 May - 11 Jun	Avianca
13 May - 24 May	Iberia	direct
01 May - 15 May	Iberia	direct
01 May - 14 May	Avianca
11 May - 11 Jun	Air Europa	direct
18 May - 06 Jun	Air Europa	direct
30 May - 14 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.

Book a cheap hotel in Panama City

Cheap car rent in Panama City

Cheapest return flights from Madrid to Panama City in May from 547€

Return flights