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

Return flights

19 Jan - 31 Jan	Avianca
21 Jan - 28 Jan	Avianca
30 Jan - 08 Feb	Avianca
27 Jan - 17 Feb	Avianca
19 Jan - 01 Feb	Avianca
30 Jan - 09 Feb	Avianca
29 Jan - 08 Feb	Avianca
19 Jan - 31 Jan	Iberia	direct
29 Jan - 08 Feb	Air Europa	direct
31 Jan - 09 Feb	Avianca
31 Jan - 09 Feb	Air Europa	direct
19 Jan - 01 Feb	Air Europa	direct
21 Jan - 28 Jan	Iberia	direct
30 Jan - 08 Feb	Air Europa	direct
04 Jan - 25 Jan	Air Europa	direct
19 Jan - 30 Jan	Brussels Airlines
12 Jan - 23 Jan	Avianca
07 Jan - 21 Jan	Air France
01 Jan - 10 Jan	United
08 Jan - 12 Jan	KLM

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 561€

Return flights