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

Return flights

24 Dec - 28 Jan	KLM
24 Dec - 21 Jan	KLM
24 Dec - 20 Jan	KLM
25 Dec - 20 Jan	KLM
27 Dec - 29 Jan	Air France
25 Dec - 21 Jan	KLM
25 Dec - 22 Jan	KLM
24 Dec - 22 Jan	KLM
27 Dec - 25 Jan	Air France
25 Dec - 19 Jan	KLM
22 Dec - 31 Dec	Iberia	direct
24 Dec - 30 Dec	Iberia
25 Dec - 31 Dec	KLM
22 Dec - 29 Dec	Iberia
23 Dec - 31 Dec	KLM
22 Dec - 27 Dec	Iberia
23 Dec - 30 Dec	Iberia
21 Dec - 31 Dec	Iberia
23 Dec - 28 Dec	Iberia
22 Dec - 27 Dec	Iberia	direct

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

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 December from 616€

Return flights