This Cyprus flag design was originally designed for an agreement (there's a lot going on in the Cyprus government right now), but I think it would do great as a flag of the country of Cyprus. The gold represents Cyprus, the white represents peace, the blue represents Greece, and the red represents Turkey.
The current Cyprus flag isn't too bad, but it does have a golden map of Cyprus, which would look weird when viewed from the other side. There were two symbols of peace on the flag; a white background and two green olive branches. I like the current flag of Cyprus, but it's not as good as this one.