To prepare the caramel: Pour 1 cup of sugar and the water into a microwave safe mug and cook for 5 to 7 minutes or until the caramel forms. Immediately pour into the flan mold. Set aside.
Heat the oven to 350 degrees. Prepare a bain-marie mold.
In the food processor, mix the cream cheese, sugar and the Piña Colada until creamy. Add the eggs one by one and continue mixing in the processor. Then add the light cream or evaporated milk and the vanilla and mix for a few seconds.
Pour the mixture into the flan mold. Place the flan in the bain-marie mold and bake for an hour. Let cool completely. Refrigerate until serving time.
NOTE: You can bake in a 3 ”mold. Follow the procedure and bake for 30 minutes. Let cool and place in the refrigerator until serving time.