Panama City is 7 hours behind Munich
Best overlap: 3:00 PM to 6:00 PM in Munich is 8:00 AM to 11:00 AM in Panama City.
The overlap falls at 3:00 PM to 6:00 PM in Munich, or 8:00 AM to 11:00 AM if you're in Panama City. You get roughly 3 hours of shared time, so aim for the middle of that window to keep the call comfortable for both teams. The window above shifts seasonally: Munich keeps daylight saving while Panama City ignores it.