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

Return flights

29 May - 06 Jun	KLM
25 May - 07 Jun	Air France
15 May - 02 Jun	KLM
29 May - 05 Jun	KLM
08 May - 24 May	Iberia	direct
08 May - 17 May	Iberia	direct
29 May - 05 Jun	Iberia	direct
05 May - 12 May	Air Europa	direct
21 May - 02 Jun	Air Europa	direct
11 May - 17 May	Air Europa	direct
09 May - 17 May	Air Europa	direct
15 May - 31 May	KLM
01 May - 14 May	KLM
13 May - 25 May	Avianca
19 May - 28 May	Air France
15 May - 31 May	Air Europa	direct
15 May - 02 Jun	Air Europa	direct
15 May - 01 Jun	Air Europa	direct
29 May - 12 Jun	KLM
29 May - 19 Jun	KLM

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

Book a cheap hotel in Panama City

Cheap car rent in Panama City

Cheapest return flights from Madrid to Panama City in May from $708

Return flights