Preheat your oven to 350°F.
Add the granulated sugar to a saucepan and cook over medium-low heat. Allow the sugar to melt, stirring occasionally, until completely smooth and amber in color. Keep a close eye on it so it doesn’t burn.
Immediately pour the caramel into a loaf pan or 9-inch round pan (a bundt pan works too), carefully tilting the dish so the caramel evenly coats the bottom. Set it aside while you prepare the custard.
Add the 3 whole eggs, 2 egg yolks, evaporated milk, sweetened condensed milk, cream cheese, and vanilla extract to a blender. Blend just until smooth and combined. Avoid over-blending, as too much air can create bubbles in the flan.
Pour the custard mixture through a fine-mesh strainer directly into the caramel-coated baking dish. This helps remove any lumps and creates an extra-smooth custard.
Place the baking dish inside a larger roasting pan. Carefully pour boiling water into the roasting pan until it reaches about halfway up the sides of the flan dish.
Bake for 1 hour, or until the edges are set but the center still has a slight jiggle. Avoid overbaking, as this can make the flan rubbery.
Carefully remove the flan from the water bath and allow it to cool at room temperature. Once cooled, cover and refrigerate for at least 4 hours, preferably overnight.
To serve, run a thin knife around the edges of the flan to loosen it. Place a large serving plate upside down over the baking dish, then quickly and carefully flip it over. Lift the baking dish and allow the caramel sauce to run over the flan. Slice and enjoy!