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

Return flights

04 May - 11 May	Air France
19 May - 31 May	Air France
15 May - 04 Jun	Air France
28 May - 11 Jun	Air France
14 May - 04 Jun	Air France
18 May - 23 May	Air France
09 May - 23 May	Air France
06 May - 13 May	Iberia	direct
15 May - 22 May	Iberia	direct
31 May - 12 Jun	Iberia	direct
31 May - 14 Jun	Iberia	direct
17 May - 31 May	Iberia	direct
17 May - 27 May	Iberia	direct
22 May - 05 Jun	Iberia	direct
29 May - 14 Jun	Iberia	direct
01 May - 20 May	Air France
04 May - 25 May	Air France
30 May - 06 Jun	Air France
19 May - 03 Jun	Air France
31 May - 15 Jun	Air France

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

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Cheapest return flights from Panama City to Madrid in May from $640

Return flights