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

Return flights

09 May - 11 May	Avianca
05 May - 12 May	Avianca
03 May - 13 May	Avianca
01 May - 08 May	Avianca
24 May - 31 May	KLM
08 May - 15 May	Iberia	direct
22 May - 31 May	Iberia	direct
08 May - 22 May	Iberia	direct
10 May - 17 May	Iberia	direct
20 May - 31 May	Iberia	direct
29 May - 05 Jun	Iberia	direct
22 May - 07 Jun	Iberia	direct
29 May - 14 Jun	Iberia	direct
18 May - 01 Jun	Air France
31 May - 17 Jun	Iberia	direct
22 May - 02 Jun	KLM
22 May - 06 Jun	KLM
27 May - 13 Jun	Air Europa	direct
30 May - 13 Jun	Air Europa	direct
15 May - 01 Jun	Air France

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

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Cheapest return flights from Panama City to Madrid in May from 535€

Return flights