Procedure:

1. Preheat the oven to 300ºF.
Prepare the caramel: In a small saucepan over high heat, combine the water and the sugar. Bring to a boil and cook for 13 minutes, until a deep golden caramel has formed. Remove fromt he heat and immediately pour into a 9” round ceramic baking dish, so that it covers the bottom. Set aside for the caramel to harden.

2. Prepare the custard: In a standing mixer, combine the cream cheese and sugar, and beat on medium speed for about 2 minutes. Add the eggs and continue to beat until the mixture is soft and free of lumps, another 4 minutes. Add the heavy cream and the milk and beat for another minute until well incorporated. Pour the custard mixture into the prepared baking pan.

3. Place the baking dish into a larger baking pan and place in the oven. Pour enough water into the outer baking pan to make a water bath (baño de maría) that covers about three quarters of the baking dish containing the flan.

4. Carefully remove from the oven. Remove the custard from the water bath and set aside to cool for about 20 minutes. Set aside in the refrigerator to set overnight.

5. To serve, flip the flan onto a serving platter (at this point, the caramel should be liquid). Slice and serve.