Combine 3/4 cup granulated sugar with 1/4 cup water in a saucepan.

Cook over medium heat, stirring constantly until the sugar dissolves and the mixture boils.

Stop stirring and let the mixture cook to a golden amber color.

Remove from heat, add 1 tablespoon warm water (be cautious of steam), and pour into a 9-inch cake pan. Tilt the pan to coat the bottom evenly.

Beat 1 (8 oz) package of softened cream cheese with 2 tablespoons sugar until smooth.

Add 4 large eggs, one at a time, mixing until combined.

Mix in 1 (14 oz) can sweetened condensed milk, 1 (12 oz) can evaporated milk, and 2 teaspoons vanilla extract.

Pour the custard mixture over the caramel layer in the pan.

Place the cake pan in a roasting pan and add boiling water until it reaches halfway up the sides of the cake pan.

Bake at 350°F for 50–70 minutes, or until the custard is nearly set but still slightly wobbly.

Let the flan cool on a wire rack for 1 hour, then refrigerate for at least 4 hours.

Run a knife around the edge of the flan, invert it onto a serving plate, slice, and enjoy.