Prepare the Caramel Sauce
In a saucepan, add 1 cup sugar and Âź cup water.
Heat on medium flame, swirling occasionally but not stirring too much.
Cook until the mixture turns a deep amber color (about 5 minutes).
Quickly pour the caramel into your cake pan, tilting to coat the bottom. Set aside to cool.
Mix the Flan Base
In a large bowl or blender, combine condensed milk, evaporated milk, eggs, egg yolks, and vanilla extract if desired.
Whisk or blend until everything is well incorporated.
For an ultra-silky finish, strain through a fine-mesh sieve.
Assemble and Fill
Pour the milk mixture over the cooled caramel in the cake pan.
Lightly tap the pan on your countertop to release any air bubbles.
Water Bath Setup
Place the cake pan into a larger roasting pan.
Fill the roasting pan with hot water until it reaches about halfway up the sides of the cake pan (baked custard method).
Carefully transfer to a preheated oven at 350°F (175°C).
Bake and Cool
Bake for 45â50 minutes or until the center has a slight jiggle.
Remove from the oven and let the flan cool at room temperature for about 30 minutes.
Cover and chill in the fridge for at least 4 hours (or overnight).
Invert and Serve
Once cooled, run a thin knife around the edges to loosen the custard.
Place a serving plate on top, then flip or invert the flan.
Give it a gentle shake so the caramel sauce drips over the top. Slice and enjoy!