Heat oven to 325° F. Place an 8-inch round ovenproof baking dish inside a roasting pan and set aside.
Place 1/2 cup of the sugar in a small, heavy skillet over medium-high heat. Cook, without stirring, until the sugar begins to melt around the edge, 6 to 8 minutes. Stir with a heatproof spatula until all the sugar is melted and forms a golden brown caramel, 2 to 4 minutes longer. Immediately and very carefully pour the hot caramel into the baking dish. Cool completely.
Meanwhile, whisk together the eggs and the remaining 1/2 cup of sugar in a large bowl. Gently whisk in the cream, milk, vanilla, and a pinch of salt. Pour the egg mixture over the caramel in the baking dish.
Add enough hot water to the roasting pan to reach halfway up the sides of the baking dish. Bake until the edges of the flan are set but the center is still wobbly, 1 hour, 15 minutes, to 1 hour, 25 minutes.
Let the flan cool in the water for 30 minutes, then remove and cool completely on a wire rack. Cover with plastic wrap and refrigerate until completely set, at least overnight and up to 2 days.
To serve, first run a knife around the edges of the flan. Next, center a serving plate over the dish. Flip the plate and dish together, then lift off the dish, tapping gently to release the flan if needed. Cut into wedges and serve with the caramel sauce.
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