In a saucepan over medium heat, melt sugar until golden brown, stirring occasionally to prevent burning. Quickly pour the caramel into the bottom of a flan mold or individual ramekins, swirling to coat evenly. Set aside.
Make the Custard:
In a blender or large bowl, beat the cream cheese until smooth. Add sweetened condensed milk, evaporated milk, eggs, and vanilla extract. Blend or whisk until fully incorporated and smooth.
Assemble and Bake:
Pour the custard mixture over the caramel layer. Place the flan mold or ramekins into a larger baking dish and fill the dish with hot water to create a water bath. Bake at 350°F (175°C) for 50–60 minutes, or until the center is set but still slightly jiggly.
Cool and Chill:
Remove from oven and allow to cool to room temperature. Refrigerate for at least 4 hours, or overnight, for the best texture.
Serve:
Run a knife around the edges of the flan, invert onto a plate, and let the caramel drizzle over the custard.
