Ingredients

For the Caramel

• 1 cup granulated sugar
• ¼ cup water

For the Custard

• 5 large eggs
• 1 (14-oz.) can sweetened condensed milk
• 1 (12-oz.) can evaporated milk
• 2 tsp. vanilla extract
• ¼ teaspoon salt

Directions

1. Preheat oven to 350° 
2. Prepare the caramel: In a small saucepan, combine sugar and water over medium-high heat. Gently swirl until the sugar dissolves and turns a deep amber color. Quickly pour the caramel into an 8-inch round cake pan, tilting to coat the bottom evenly. Set aside to harden slightly.
3. Make the custard: Whisk together eggs, sweetened condensed milk, evaporated milk, vanilla, and salt. Blend until smooth, avoiding excessive froth or bubbles.  Strain through a fine mesh sieve, if desired, to remove bubbles and any solids.
4. Assemble and bake: Carefully pour the custard over the hardened caramel in the cake pan. Place the pan in a larger roasting pan and pour hot water halfway up the sides to create a water bath. Bake at 350°F (175°C) for 50–60 minutes, until the center is set, but still jiggly.
5. Remove from water bath and let cool completely to room temperature, then refrigerate for at least 3 hours or overnight to fully set.
6. Run a knife around the edges, invert onto a serving plate, and allow the caramel to flow over the custard. Slice and enjoy.