Preheat your oven to 350 degrees
In a large bowl, using a hand-held mixer, beat together sweetened condensed milk, evaporated milk, softened cream cheese, eggs, milk, and vanilla until smooth (2-3 minutes). Set aside
Bring a pot or kettle of water to a boil, and pour about 1-inch into a large oven-safe baking pan
Place sugar in a medium saucepan over medium heat, and cook until the edges begin to brown
Drag the sugar towards the middle of a pan using a spatula and cook for 4-5 minutes until golden brown. Watch carefully to ensure it doesn’t burn
Pour the caramel into a 9-inch flan mold or baking pan and swirl around until the caramel reaches 1-inch up the sides of the pan
Pour the cream cheese mixture over top of the caramel layer and carefully place the flan mold into the large baking pan with water
Bake in preheated oven for 45 minutes – 1 hour or until a knife inserted in the center comes out clean
Carefully remove from oven, let stand for 5 minutes then chill in the fridge for at least 2 hours, Once chilled, invert onto a large serving plate so that the caramel layer is on top. Slice and serve