In a medium saucepan over medium heat, combine sugar and water. Cook without stirring until it turns a lovely amber color. Pour into flan mold, swirling to coat the bottom.

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

Preheat oven to 350°F (175°C). Pour milk mixture over the caramel layer in the mold. Place flan mold in a larger baking dish and fill with hot water halfway up the sides of the mold.

Bake for 50-60 minutes until a knife inserted near the center comes out clean.

Remove from oven and let cool to room temperature before refrigerating for at least 4 hours, preferably overnight.

Run a knife around the edges of the flan to loosen it. Flip onto a serving plate, allowing the caramel to cascade over.