Melt the sugar in an 8-inch cake pan over medium heat, stirring constantly until it liquifies and becomes a dark golden-brown caramel.

Tip the pan to evenly coat the bottom and sides with the caramel.

Place the caramel-coated pan in the freezer to harden.

Preheat the oven to 350 degrees Fahrenheit.

Place a roasting pan large enough to hold the cake pan inside the oven and fill it halfway with water.

In a large bowl, pour in the sweetened condensed milk.

In a blender or food processor, combine water, cream cheese, eggs, vanilla, and salt.

Blend until the mixture is very smooth.

Whisk the blended mixture into the bowl with the sweetened condensed milk.

Pour the combined mixture through a wire sieve into the cake pan removed from the freezer.

Carefully lower the cake pan into the roasting pan of simmering water (bain-marie).

Bake for 50 minutes, then check for doneness (a slight jiggle is okay).

Remove the flan from the oven and let it rest at room temperature for one hour.

Place the flan in the refrigerator overnight.

Just before serving, invert the flan onto a serving plate to unmold it, allowing the caramel to flow over the top.