Preheat oven to 350°Position rack in the middle of the oven.
Heat the sugar in a medium saucepan over medium-high heat. Swirl occasionally, but do not stir. Cook until the sugar is melted and turns to caramel, about 5 to 7 minutes. Pour the caramel evenly into eight 6-ounce ramekins. Let the caramel cool slightly while you make the batter.
Add the sweetened condensed milk, evaporated milk, eggs, vanilla, and cream cheese to a blender and puree until smooth. Pour the mixture into the ramekins with the caramel, dividing it evenly among them.
Place the filled ramekins into a roasting pan. Pour boiling water into the roasting pan filling to about halfway up the sides of the ramekins — making sure not to get any water in them. Cover the whole pan tightly with aluminum foil and very carefully and evenly lower into the oven, as to not splash the water. Bake for 45 to 50 minutes, or until the flan has set.
Very carefully take the baking pan out of the oven to not splash the water. Also, be careful removing the foil as there will be hot steam escaping. Use tongs or an oven mitt to remove the flans from the roasting pan (the ramekins will be hoand allow to cool to room temperature. Transfer to the refrigerator and chill for at least a couple hours. They will keep for up to 1 week.
Once the flan has chilled, run a wet knife around the rim to loosen it from the ramekin. Invert the ramekin onto a plate and let the flan slide out onto the plate, caramel side up. Repeat with remaining flans. Serve cold.