First, preheat your oven to 325°F. Fill a 13 x 9-inch baking pan with about an inch of water. This will act as a gentle water bath, ensuring your flan bakes evenly and stays creamy.
In a small saucepan, combine sugar and water. Heat over medium, stirring until the sugar dissolves. Let it simmer without stirring until it turns a light golden brown, which usually takes around 10 minutes.
In a mixing bowl, whisk together eggs, cream of coconut, sweetened condensed milk, coconut milk, and vanilla until smooth. Pour this mixture gently over the caramel in your flan pan.
Place the 9-inch flan pan inside the 13 x 9-inch water bath. Cover loosely with foil and bake for about 1 hour and 15 minutes. The flan is done when it’s set but slightly jiggly in the center.
Remove the flan from the water bath and let it cool completely in the refrigerator. When ready, run a butter knife around the edges and carefully invert onto a serving plate for that elegant, glossy finish.