Ingredients

• Caramel:
• 1 1/2 cups white sugar
• 1/4 cup water
• 1 (14 ounce) can sweetened condensed milk
• 1 (12 ounce) can evaporated milk
• 5 eggs
• 1 (8 ounce) package cream cheese
• 1 teaspoon vanilla extract

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Instructions

1. Preheat oven to 350 degrees F (175 degrees C).
2. Heat sugar and water together in a small saucepan over medium heat, stirring occasionally, until sugar dissolves into a light brown caramel, 8 to 10 minutes. Pour into a round glass baking dish.
3. Place condensed milk, evaporated milk, eggs, cream cheese, and vanilla extract in a blender; blend into a smooth custard. Pour over caramelized sugar in the baking dish.
4. Place baking dish in a deep baking pan. Pour in enough water to reach halfway up the baking dish.
5. Bake in the preheated oven until custard is set and top is light brown, about 1 hour.
6. Cover with plastic wrap; refrigerate until cold, 3 to 4 hours.