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

Return flights

31 Jan - 07 Feb	Avianca
22 Jan - 30 Jan	Avianca
29 Jan - 14 Feb	Avianca
24 Jan - 31 Jan	KLM
31 Jan - 07 Feb	Air Europa	direct
24 Jan - 31 Jan	Air Europa	direct
29 Jan - 14 Feb	Air Europa	direct
13 Jan - 31 Jan	Air Europa	direct
17 Jan - 04 Feb	Iberia	direct
22 Jan - 30 Jan	Air Europa	direct
14 Jan - 31 Jan	Air Europa	direct
12 Jan - 23 Jan	Air Europa	direct
18 Jan - 28 Jan	Avianca
16 Jan - 04 Feb	Avianca
14 Jan - 28 Jan	Iberia	direct
13 Jan - 30 Jan	Air Europa	direct
16 Jan - 04 Feb	Air Europa	direct

Also check the deals for one-way flights from Panama City to Madrid 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 Panama City to Madrid in January from $635

Return flights