AirHint found the following cheapest return flights from Madrid (MAD) to Panama City (PTY) in August 2025 (see full year).

Return flights

31 Aug - 30 Sep	KLM
31 Aug - 30 Sep	Air Europa	direct
31 Aug - 21 Sep	Air Europa	direct
29 Aug - 12 Sep	Air Europa	direct
30 Aug - 12 Sep	Air Europa	direct
21 Aug - 13 Sep	Air Europa	direct
30 Aug - 13 Sep	Air Europa	direct
28 Aug - 10 Sep	United
26 Aug - 11 Sep	Air Europa	direct
28 Aug - 05 Sep	Lufthansa
22 Aug - 25 Aug	Air Europa	direct
19 Aug - 24 Aug	Air Europa	direct
15 Aug - 18 Aug	Air Europa	direct
21 Aug - 31 Aug	Avianca
16 Aug - 31 Aug	Avianca
18 Aug - 27 Aug	Avianca
19 Aug - 31 Aug	Avianca
18 Aug - 27 Aug	Air Europa	direct
18 Aug - 31 Aug	Avianca
20 Aug - 31 Aug	Avianca

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

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 August from 580€

Return flights