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In a heavy saucepan, cook sugar and water over medium-low heat until melted and golden, about 15 minutes. Brush down crystals on the side of the pan with additional water as necessary. Quickly pour into an ungreased 2-qt. round baking or souffle dish, tilting to coat the bottom; let stand for 10 minutes.
In a bowl, beat the cream cheese until smooth. Beat in eggs, one at a time, until thoroughly combined. Add remaining ingredients; mix well. Pour over caramelized sugar.
Place the dish in a larger baking pan. Pour boiling water into larger pan to a depth of 1 in. Bake at 350° for 50-60 minutes or until center is just set (mixture will jiggle).
Remove dish from a larger pan to a wire rack; cool for 1 hour. Refrigerate overnight.
To unmold, run a knife around edges and invert onto a large rimmed serving platter. Cut into wedges or spoon onto dessert plates; spoon sauce over each serving.

How to make Caramel Flan