Caramelize Sugar: Heat the sugar in a skillet over medium-high heat. Stir the sugar constantly. It will first start to clump and once it begins getting hot enough it will start to turn a golden brown and melt into a caramel. Continually stir until all the sugar has been liquefied and there are no more clumps left in the skillet. Do not leave the stove. Your caramel can go from perfect to burnt in the blink of an eye!
Pour Caramel into Flan Mold: Once all the clumps are gone, immediately pour it into the flan pan. Leaving it on the stove any longer could cause the caramel to burn. When pouring the caramel into the flan pan, make sure that it is spread evenly across the bottom of the entire pan.
Coat Flan Mold: Very carefully rotate the pan so that the caramel will also cover the sides of the pan as well. The caramel is extremely hot and can cause severe burns if you get it on yourself, so make sure to always handle it very carefully. Keep rotating the caramel until it cools and hardens to the point that it no longer moves around.
Set Mold Aside: Set the flan pan aside and allow the caramel to cool.
prepare the Flan Mixture
Blend Ingredients: Add the evaporated milk, cream cheese (I cube the cream cheese), condensed milk and eggs to a blender. Blend on high speed until fully mixed.
Add to Flan Pan: Pour the flan mixture into the flan pan, over the caramel coating. Place and fasten the cover over the flan pan. If you don't have a covered flan pan like I do, use foil to cover your flan.
set the Cooking Time
14-Minute Cook Time: Pour 3 cups of water into your Instant Pot. Use your trivet and set the covered flan pan in the Instant Pot. Cook on Manual High Pressure for 14 minutes. (The Manual button is labeled Pressure Cook on some models).
Full NPR: Once the 14-minute cook time has completed, allow for a full NPR (Natural Pressure Release). After the NPR is finished and the pin has dropped, open the Instant Pot and carefully remove the flan pan. Set it on the counter to cool for 10 minutes before placing in the refrigerator. Place in the refrigerator for at least 3 hours. I know it's hard to wait, but please don't skip this step. Letting the flan sit in the refrigerator overnight will give the best results.
Unmold and Serve
After the flan has been refrigerated for at least 3 hours (overnight is best), run a knife along the sides of the pan, separating the flan from the edges of the pan. Use a plate to carefully flip the flan over and expose the beautiful caramel covered dessert.