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

Return flights

28 Jan - 07 Feb	Avianca
27 Jan - 09 Feb	Avianca
27 Jan - 06 Feb	Avianca
27 Jan - 08 Feb	Avianca
28 Jan - 05 Feb	Avianca
28 Jan - 08 Feb	Avianca
28 Jan - 04 Feb	Avianca
31 Jan - 09 Feb	KLM
19 Jan - 31 Jan	United
13 Jan - 27 Jan	United
23 Jan - 31 Jan	United
14 Jan - 30 Jan	United
23 Jan - 06 Feb	United
19 Jan - 02 Feb	United
19 Jan - 31 Jan	Iberia	direct
17 Jan - 24 Jan	Avianca
21 Jan - 28 Jan	KLM
17 Jan - 24 Jan	Iberia	direct
21 Jan - 27 Jan	KLM
16 Jan - 23 Jan	Avianca

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 $619

Return flights