Some years ago, before gas was a verified find, I had written a post proposing a per capita apportionment of the profits. Such a move would stop in its tracks the charge that the GCs do not share etc, it would immediately limit any potential corruption over the management of oil/gas profits by corporate and state entities. Above all it would squash any use of the money by Turkey and its agents on the island. Giving each RoC citizen, regardless of religion or ethnicity, a healthy monthly allowance constitutes a proportional share on a communal basis. It would automatically solve the Cyprus problem.
The money would be squandered on consumer goods etc, is an argument. Some of it will. If there is a total tax relief on all interest and dvidends as well as capital gains, from this money, then the citizens would invest it, not spend it. But the first step is to trust the citizens with the money. Ensuring total tax exemption for ALL citizens for this money or its derivatives would also stop in its tracks any attempt by the TRNC to tax TCs and thus use the money for "state" purposes.
No, it will not happen, politician cannot let go of power or money. But just think of the effect of an announcement along the lines sketched above made by the RoC. To go one further, that for the first ten years each TC would get a compensation surcharge for the mistakes of 1964-1968, and then let's see how long the TRNC lasts.