PREHEAT oven to 350°F.
COMBINE sugar and water over medium-low heat until sugar dissolves in a heavy, small pan. Boil but do not stir, hold the pan’s handle and slowly swirl pan to incorporate sugar and water to resemble amber syrup. Do not burn. Approximately 8 minutes.
IMMEDIATELY pour syrup into 9-inch cake pan. Carefully swirl the cake pan around to cover the entire bottom in syrup. Set aside.
WHISK eggs, cream cheese, evaporated milk, condensed milk, cinnamon and vanilla in a large mixing bowl.
POUR into prepared cake pan and cover lightly with aluminum foil. Place covered cake pan in a large roasting pan. Fill roasting pan half way up with boiling water as a bain-marie.
BAKE for one 1 hour and 25 minutes or until toothpick inserted comes out clean.
REMOVE baking pan from oven and let cool in the baking pan with water. Remove from water and refrigerate overnight.
RUN a small knife around flan to loosen. To unmold, place a plate atop the cake pan, hold plate firmly and invert. Shake gently and allow flan to settle onto plate.