In a medium saucepan, heat the sugar over low heat for 8 to 10 minutes, swirling occasionally, until the sugar begins to turn amber in color and caramelize. After all the sugar granules have melted and turned brown, very carefully pour in the water. It may splash and steam, so make sure no children or pets are nearby.

Whisk the sugar until the water is incorporated and the mixture is liquid and pour-able. Immediately pour the sauce into a 7-inch baking dish or pan and carefully swirl it around the bottom and sides. The liquid is extremely hot. Do this quickly because once it starts to cool, it hardens. Set the dish aside to cool for at least 10 minutes and make the flan.

In a large bowl or measuring cup, whisk together the eggs and egg yolks (you’ll need 5 in total, 3 whole plus 2 yolks). Then add the milk, sugar, and vanilla. Whisk to combine. After the baking dish with the caramel topping has cooled for several minutes, carefully pour the flan filling through a mesh sieve into the baking dish. Cover the dish with foil.

Pour 1 cup of water into the stainless-steel insert of the Instant Pot. Place the baking dish onto a trivet with handles and carefully lower the trivet and the baking dish into the Instant Pot. Close the lid, set the valve to “sealing,” and press the manual (pressure cook) button. Adjust the time to 12 minutes (high pressure). After the time is up, allow the pressure to release naturally for 10 minutes before opening the valve to release any remaining pressure.

Open the lid and carefully remove the baking dish. Remove the foil and allow the baking dish to sit at room temperature for 1 hour. The center will be jiggle like gelatin, but should not be liquidy. If it’s liquidy, it needs to cook longer. Otherwise, it won’t set up. After 1 hour, cover with foil and transfer the flan to the refrigerator to set for at least 6 hours.

After the flan sets, run a knife around the edge of the dish. Place a large plate or serving dish over the top of the dish and flip it over to release the flan. The caramel sauce will also be released in a liquid form. Slice into pieces and enjoy!

Store leftovers in the refrigerator for up to 3 days.