The first thing to make is the caramel sauce. So, add sugar and water in a small frypan over medium heat and bring it to a boil. Do not use a spatula to stir.
Keep cooking until sugar caramelizes into an amber color. Pour this hot caramel into a cake pan and swirl so that the caramel reaches the corners of the pan.
Set aside to cool. Cooling the caramel can take up to 30 minutes, so do not pour the flan mixture into the pan until the caramel has cooled to room temperature.
Add the 'Flan' ingredients into a mixing bowl and mix using a whisk. Pour this mixture carefully into the pan. Set aside.
Bring 4 cups of water to a boil. Pour boiling water into a baking tray until the water comes to 1/4th the height of the pan.
Carefully place the cake pan into the baking tray, place the baking pan in the oven and bake it for 45 minutes.
Check to see if the center is jiggly, and if it is, it is time for you to remove it from the oven and remove the cake pan from the baking tray.
Place the cake pan on a wire rack for cooling. When the cake pan has cooled to room temperature, please place it in the refrigerator overnight.
The next day, before serving, run a sharp bendable knife on the insides of the cake pan. Invert the cake pan to a large plate. Remove the cake pan carefully. The flan should empty itself on the large plate. Serve.