In a medium saucepan, add the sugar and heat over medium-low until it melts and turns a beautiful amber color. Be sure to stir gently to prevent burning.

Once melted, quickly pour it into a round baking dish, tilting the dish to coat the bottom evenly. Allow it to cool and harden.

In a blender, combine the eggs, sweetened condensed milk, evaporated milk, and vanilla extract. Blend on low until well mixed.

Pour the creamy mixture over the hardened caramel in your baking dish.

Place the flan dish into a larger baking pan and fill the outer pan with hot water, creating a water bath.

Bake in a preheated 350°F (175°C) oven for 50-60 minutes or until the flan is set but still a bit jiggly in the middle.

Once baked, let it cool at room temperature, then refrigerate for at least 4 hours (or overnight).

To serve, run a knife around the edges and invert onto a plate.