Prepare the Caramel:

1. Combine Sugar and Water: In a heavy-bottomed saucepan, combine the granulated sugar and water.

2. Cook the Caramel: Cook over medium heat, stirring occasionally until the sugar dissolves. Once dissolved, stop stirring and let the mixture cook until it turns into a deep amber caramel color. This process usually takes about 8-10 minutes. Watch carefully as it can burn quickly.

3. Pour into Mold: Immediately pour the caramel into a 9-inch round flan mold or baking dish, tilting the mold to evenly coat the bottom and sides. Set aside to cool and harden.

Make the Flan Mixture:

1. Preheat Oven: Preheat your oven to 350°F (175°C).

2. Blend Ingredients: In a blender, combine the softened cream cheese, sweetened condensed milk, evaporated milk, eggs, vanilla extract, and a pinch of salt. Blend until smooth and creamy.

3. Pour into Mold: Gently pour the flan mixture over the hardened caramel in the mold.

Bake the Flan:

1. Prepare Water Bath: Place the flan mold inside a larger baking pan. Pour hot water into the larger pan until it reaches halfway up the sides of the flan mold. This is a water bath (bain-marie) that helps the flan cook evenly and prevents it from cracking.

2. Bake: Carefully transfer the baking pan with the flan mold to the preheated oven. Bake for 1 hour and 15 minutes to 1 hour and 25 minutes, or until the flan is set around the edges but still slightly wobbly in the center.

3. Cool: Remove the baking pan from the oven and let the flan cool in the water bath for about 30 minutes. Then, remove the flan mold from the water bath and let it cool completely at room temperature.

Chill and Serve:

1. Chill: Cover the flan mold with plastic wrap and refrigerate for at least 4 hours, or preferably overnight, to allow the flan to set completely.

2. Invert and Serve: To unmold the flan, run a thin knife around the edges to loosen it. Place a serving plate over the mold and carefully invert the flan onto the plate. The caramel will drizzle down the sides.

3. Serve: Serve chilled and enjoy the creamy, caramel-y goodness!