In a medium saucepan, mix the granulated sugar and water. Heat over medium, stirring gently until the sugar dissolves, then let it boil without stirring for about 8–10 minutes until it turns a lovely golden amber color.

Once the caramel achieves the perfect color, be cautious and quickly pour it into a round flan mold, tilting it to coat the bottom evenly. Set aside to cool and harden.

In a blender, toss together the sweetened condensed milk, evaporated milk, eggs, and vanilla extract. Blend until the mixture is smooth and well combined, creating a luxuriously creamy base.

Set your oven to 350°F (175°C), preparing a larger baking dish. Place the flan mold inside it, then fill the outer dish with hot water until it reaches halfway up the sides of the flan mold.

Bake for 50–60 minutes, or until the flan is set and a knife inserted into the center comes out clean.

Carefully remove the flan from the water bath and allow it to cool to room temperature. For best results, refrigerate it for at least 4 hours, or ideally overnight.

To serve, run a knife around the edges to loosen the flan, then gently invert it onto a serving plate.