In a medium saucepan over medium heat, add the sugar. Stir continuously until it starts melting and turns a golden amber color. Be cautious not to burn it. Quickly pour the caramel into a 9-inch round cake pan, tilting to ensure it coats the bottom evenly. Set aside to harden.

In a blender, combine the eggs, sweetened condensed milk, evaporated milk, and vanilla extract. Blend until well combined and smooth.

Pour the flan mixture over the hardened caramel in your cake pan.

Place the cake pan in a larger baking dish. Fill the outer dish with hot water until it reaches halfway up the sides of the cake pan.

Preheat your oven to 350°F (175°C). Carefully place the baking dish in the oven and bake for about 50-60 minutes or until the flan is set (a knife inserted should come out clean).

Once done, remove the flan from the oven, let it cool at room temperature, and then refrigerate for at least four hours or overnight.

To serve, run a spatula along the edge of the pan and invert it onto a large plate, letting the caramel sauce drizzle over the flan.