In a saucepan, melt sugar over medium-high heat, stirring constantly to prevent burning until it turns an amber color. Don’t walk away. Sugar can burn so easily. Once you get liquid gold, remove it from the heat and pour the caramel into a 9-inch round cake pan, moving it around to coat the bottom of the pan.
Preheat oven to 350ºF.
In a high-speed blender, add sweetened condensed milk, evaporated milk, softened cream cheese, room temperature eggs, vanilla, and salt.
Blend until smooth. Pour the milk mixture over the set caramel in the round pan.
Place the round pan in a large roasting pan. Carefully fill the roasting pan with about 2 inches of hot water.
Bake the flan for 40-50 minutes until the center is just set. If the outer rims look set but the middle jiggles when you gently shake the pan, the flan is done. You will be tempted to continue to bake it but then you run the risk of it getting a rubbery texture. Don't do it!
Carefully remove the pan from the water bath and allow it to cool for 30 minutes at room temperature. Place it in the fridge for at least 4 hours or overnight so the flan can fully set.
Remove pan from the fridge. Run a knife around the sides of the round pan to slightly loosen the flan.
Place a large plate on top of the round pan and invert the pan (flip it over) so the flan transfers onto a large plate. Slice, serve, and enjoy!