#1 In a saucepan over medium heat, combine sugar and water. Without stirring, cook until the sugar melts and turns a deep amber color (about 8–10 minutes). Immediately pour into the bottom of a round 8-inch or 9-inch baking dish, tilting to coat the bottom evenly. Set aside #2 In a mixing bowl, whisk the eggs, then add condensed milk, evaporated milk, vanilla, and a pinch of salt. Mix until smooth. Optionally strain through a fine mesh sieve for an extra silky texture #3 Pour the custard mixture over the caramel in the baking dish. Place the dish inside a larger roasting fluted tube pan and add hot water to the outer pan to create a water bath, about halfway up the sides #4 Carefully transfer to a preheated oven at 350°F (175°C). Bake for 50–60 minutes, or until the center is just set and a knife inserted comes out mostly clean #5 Remove the flan from the water bath. Let cool at room temperature, then refrigerate for at least 4 hours or overnight #6 To serve, run a knife around the edge of the flan, place a plate on top, and flip it over. Let the caramel drizzle down the sides. Slice and enjoy!