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

Return flights

20 Jan - 29 Jan	Avianca
31 Jan - 08 Feb	Avianca
29 Jan - 15 Feb	Air France
29 Jan - 17 Feb	Air France
29 Jan - 16 Feb	Air France
29 Jan - 17 Feb	Air Europa	direct
29 Jan - 16 Feb	Air Europa	direct
21 Jan - 03 Feb	Avianca
27 Jan - 03 Feb	Avianca
21 Jan - 04 Feb	Avianca
29 Jan - 15 Feb	Air Europa	direct
20 Jan - 30 Jan	Air France
20 Jan - 27 Jan	Air France
21 Jan - 31 Jan	Avianca
28 Jan - 29 Jan	Avianca
25 Jan - 31 Jan	Turkish Airlines
23 Jan - 30 Jan	Air France
19 Jan - 23 Jan	Turkish Airlines
13 Jan - 28 Jan	Air France
16 Jan - 22 Jan	Air France

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 $675

Return flights