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

Return flights

29 Jan - 15 Feb	Air France
28 Jan - 19 Feb	Air Europa	direct
28 Jan - 05 Feb	Air Europa	direct
25 Jan - 31 Jan	Turkish Airlines
21 Jan - 03 Feb	Air France
21 Jan - 04 Feb	Iberia	direct
25 Jan - 31 Jan	Air Europa	direct
21 Jan - 12 Feb	Air France
20 Jan - 29 Jan	Air France
21 Jan - 09 Feb	Iberia	direct
29 Jan - 15 Feb	Air Europa	direct
20 Jan - 03 Feb	Air France
22 Jan - 29 Jan	Air France
18 Jan - 03 Feb	Copa
13 Jan - 27 Jan	Copa
15 Jan - 28 Jan	Air France
20 Jan - 27 Jan	Air France
20 Jan - 27 Jan	Air Europa	direct
15 Jan - 31 Jan	Air France
22 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 589€

Return flights