Caramel Topping: In a heavy saucepan, combine the granulated sugar and water over medium heat. Stir until the mixture begins to melt and boil. Continue cooking until it turns a lovely amber color—watch closely, as you don’t want it to burn. Once it reaches the right color, remove it from the heat and carefully pour it into an ungreased 9-inch x 2-inch high cake pan or a 2-quart baking dish.

Custard: Preheat your oven to 350°F (175°C). In your mixer’s bowl, beat the softened cream cheese until it’s smooth and creamy. Gradually add the eggs, mixing well after each addition. Be sure to scrape down the sides of the bowl to avoid lumps.

Next, add the rest of the ingredients: the granulated sugar, sweetened condensed milk, evaporated milk, and vanilla extract. Beat this mixture until it is smooth and well-combined.

Carefully pour the custard mixture over the caramel you prepared earlier in the pan.

To create a water bath, place your pan of custard in a larger baking dish or roasting pan with high sides. Pour boiling water into the larger pan until it’s about 1 inch deep.

Bake for 50 to 60 minutes, or until the center of the flan is slightly jiggly but set.

When done, remove the flan from both the oven and the water bath. Let it cool for about an hour before covering it and refrigerating overnight.

To serve, place the pan in hot water for about a minute to loosen the caramel. Using a knife, gently run it around the edge of the pan, then carefully invert the pan onto a rimmed serving plate.