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

Return flights

28 Jan - 05 Feb	KLM
20 Jan - 05 Feb	KLM
25 Jan - 05 Feb	KLM
25 Jan - 04 Feb	KLM
26 Jan - 02 Feb	KLM
31 Jan - 16 Feb	Air France
28 Jan - 11 Feb	Air Europa	direct
26 Jan - 02 Feb	Air Europa	direct
27 Jan - 07 Feb	KLM
28 Jan - 05 Feb	Air Europa	direct
26 Jan - 29 Jan	Air Europa	direct
20 Jan - 28 Jan	KLM
21 Jan - 25 Jan	Air Europa	direct
23 Jan - 30 Jan	Air Europa	direct
22 Jan - 30 Jan	Air Europa	direct
17 Jan - 31 Jan	KLM
12 Jan - 21 Jan	Ryanair
16 Jan - 27 Jan	KLM
15 Jan - 22 Jan	TAP
12 Jan - 21 Jan	Iberia	direct

Also check the deals for one-way flights from Madrid to Panama City 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 Madrid to Panama City in January from $695

Return flights