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

Return flights

23 Jan - 08 Feb	Avianca
30 Jan - 14 Feb	Avianca
21 Jan - 04 Feb	Iberia	direct
25 Jan - 31 Jan	Avianca
20 Jan - 27 Jan	Avianca
22 Jan - 06 Feb	Avianca
20 Jan - 02 Feb	Avianca
20 Jan - 27 Jan	Air Europa	direct
20 Jan - 02 Feb	Air Europa	direct
30 Jan - 14 Feb	Air Europa	direct
22 Jan - 06 Feb	Air Europa	direct
17 Jan - 29 Jan	Avianca
01 Jan - 17 Feb	Avianca
23 Jan - 08 Feb	Air Europa	direct
01 Jan - 18 Jan	Avianca
16 Jan - 31 Jan	Avianca
01 Jan - 15 Jan	Air Europa	direct
01 Jan - 18 Jan	Air Europa	direct
14 Jan - 28 Jan	Iberia	direct
17 Jan - 29 Jan	Air Europa	direct

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

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 Panama City to Madrid in January from 524€

Return flights