If I might be so bold... I designed a flag and posted it last year in May. Here's my suggestion.
Back then I said…
The reasoning behind my proposal is to lift the dove of Aphrodite from the seal of Cyprus, combine it with a larger and more impressive laurel wreath (for this exercise I have lifted this from the UN flag. The blue field is for the sea. The gold laurel wreath symbolises peace, but also quite deliberately lifts themes from from the UN and the EU flags. With the white dove of Aphrodite at the centre, it suggests that Cyprus wishes to be seen at the heart of both Europe and the UN. The theme here is appeasement and integration ito the international community. You will note that there is no direct link to either Greece or Turkey – I think this would be a big mistake, as all it does is try to please everybody, but ends up pleasing no one.
I still think it holds water as a proposal.
What do you guys think?
(Incidentally, if you click on it you won't see anything, because the link is too old.)