In a small saucepan, combine the sugar and water. Bring to a boil and cook until the sugar is dissolved. Remove from the heat and stir in the vanilla extract.
In a medium bowl, whisk together the condensed milk and cream cheese until smooth. Add the eggs and whisk until combined.
Pour the sugar mixture into a 9-inch round baking dish. Swirl the dish to evenly coat the bottom and sides. Pour the cream cheese mixture into the baking dish and bake for 30 to 35 minutes, or until the flan is set.
Allow the flan to cool for at least 10 minutes before serving.
Interesting Facts
Flan is a popular dessert throughout Latin America and Spain.
Flan can be made with different ingredients such as custard, coconut cream, or even caramel.