Preheat oven to 300 degrees F.

For the Caramel:

Combine 1 cup sugar and water in medium, deep, heavy saucepan. Cook over medium heat, stirring constantly, until sugar is dissolved, about 2-3 minutes.

Increase heat to medium-high, and boil, without stirring, until caramel turns a copper brown color, anywhere from about 10-15 minutes.

Using oven mitts, quickly and carefully pour the caramel over bottom and sides of a 10-inch metal pie plate or a flan mold. That caramel will be screaming hot!

For the custard:

Combine the evaporated milk, sweetened condensed milk, cream cheese, pumpkin puree, 1/4 cup sugar, eggs, cornstarch, spices and vanilla in a blender. Blend until smooth.

(You must use a blender, either a regular blender or a stick blender, otherwise the cream cheese will just make blobs.)

Strain custard mixture through a sieve over the caramel, into the pie plate or mold. Arrange in a large roasting pan lined with a clean dish towel.
Pour boiling water into the roasting pan until it comes about halfway up the side of your flan vessel.

Bake for 50-60 minutes (or more, mine took almost 2 and half hours) or until knife inserted near center comes out clean. The center of the flan should still jiggle a little when nudged. Cool for about 30 minutes. Chill in the fridge for several hours or overnight.

To unmold, run a sharp knife around the rim of the mold and gently shake to loosen. Invert onto a serving plate.