Preheat to oven 350F. Put a pot of water on to boil.
Set a 9-inch round cake pan into a larger baking pan. The larger baking pan needs to have sides at least 2 inches high.³
Add the sugar to a small heavy saucepan.
Heat the sugar over medium-low heat until the sugar melts and completely dissolves.
Remove the pan from the heat when the sugar is amber colored. Keep an eye on it so that it doesn't burn.
Pour the melted sugar into the bottom of the cake pan and carefully swirl the sugar up the sides. The sugar will begin harden right away, so work quickly.
Add the cream cheese, sweetened condensed milk, evaporated milk, eggs and vanilla to a blender or food processer.
Blend until smooth and well-combined.
Pour the blended custard into the cake pan over the sugar.
Carefully pour the boiling water around the cake pan in the larger pan to create a water bath. The water should come up one inch on the outside of the cake pan.
Bake for about 60 minutes, or until the middle is slightly jiggly but the edges are set.
Remove the pans from oven, but let the flan remain in its pan in the water bath for 1 hour.
Remove the pan of flan from the water bath, and chill for at least 2 hours.
To serve, run a thin knife around the edge of the pan.
Place a plate over the pan of flan and flip upside-down to invert.
Slice into wedges, and serve topped with any remaining caramel in pan, if desired.
Notes
I recommend using full-fat cream cheese in this recipe.
I recommend using regular sweetened condensed milk in this recipe.