In a heavy-bottomed saucepan, combine 1 cup of granulated sugar and 1/4 cup of water. Over medium heat, stir gently until the sugar fully dissolves and turns a deep amber color, about 8–10 minutes. Immediately pour the caramel into the bottom of a flan pan, swirling to coat the sides evenly.

In a blender, add 8 ounces of cream cheese and blend until smooth and creamy. Gradually pour in sweetened condensed milk and evaporated milk, blending until fully combined. Add 5 large eggs, 1 teaspoon of vanilla extract, and a pinch of salt, blending again until the mixture is silky and uniform, about 2 minutes.

Strain the custard mixture through a fine-mesh sieve into the caramel-coated flan pan to ensure a lump-free texture.

Preheat oven to 350°F (175°C). Place the flan pan in a large roasting pan, filling the roasting pan with hot water until it reaches halfway up the sides of the flan pan. Bake for 55–65 minutes, or until the edges are set and the center remains slightly jiggly.

After baking, remove the flan pan from the water bath and let it cool at room temperature for about 15 minutes. Then, refrigerate the flan for at least 4 hours or overnight.

Run a knife around the edges of the flan to loosen it. Place a serving plate over the flan pan and carefully invert it. Slice into wedges and serve immediately.