In a medium saucepan over medium heat, melt the granulated sugar until it turns golden brown.

Once the sugar is caramelized, quickly pour it into the bottom of your baking dish, tilting the dish to coat the bottom evenly.

In a mixing bowl, whisk together the eggs, sweetened condensed milk, evaporated milk, and vanilla extract until smooth.

Pour the custard mixture through a fine mesh strainer into the prepared baking dish.

Preheat your oven to 350°F (175°C) and prepare a water bath by placing the flan dish in a larger baking dish and filling it with hot water halfway up the sides of the flan dish.

Bake the flan in the preheated oven for about 1 hour, or until the center is set but still slightly jiggly.

Once baked, carefully remove the flan from the water bath and let it cool to room temperature.

After cooling, refrigerate it for at least 4 hours or overnight for best results.

To serve, run a knife around the edges of the flan to loosen it and invert it onto a serving plate, allowing the caramel to drizzle over.