In a bowl, add the eggs and beat them well until dissolved. Add the condensed milk and mix well until the mixture combines and forms a smooth custard. Set aside.
Now, in a skillet, add the refined sugar over medium-low heat, keep stirring until the sugar has fully melted. Once you’ve done that, gradually add water and keep stirring nonstop until a caramel sauce forms.
Transfer all this caramel sauce to a 20cm diameter ring cake tin.
Using a spatula, spread the caramel sauce around the edges of the cake tin.
Pour in all the flan custard we made.
Cover the tin with aluminum foil.
Place the tin into a large saucepan and add enough water to cover half of the tin.
Cover the saucepan and let it cook for 30 minutes.
After this indicated time, remove the tin from the heat, take it to the fridge and let it chill for at least 2 hours.
Serve.