1 can coconut milk
1/2 cup sugar + 1/2 cup sugar
1/2 tsp vanilla extract (optional)
Refrigerate the can of coconut milk overnight, or put in freezer for about 30 minutes. In a small baking pan (I used a 6 inch round pan) melt the first half cup of sugar over low to medium heat. You'll need to shake and turn the pan so that the sugar melts evenly. Be sure to wear oven mitts. Once the sugar is completely melted, set aside and let cool while you make the flan. Preheat the oven to 325 F. Place a large pan half filled with water in the oven. Allow the water to heat while you prepare the flan. Get the can of coconut milk from the fridge and without shaking it, open the top. Scoop out the cream and set aside in a small bowl. Pour the remaining coconut water into a small saucepan. Bring to a boil and add the other half cup of sugar and vanilla. Simmer until syrupy, maybe 15-20 minutes. Take off heat and let cool for 10 minutes.
Whip the coconut cream you separated. Add the three eggs and mix thoroughly. Pour in the coconut water syrup. Once it's all well mixed pour it into the pan with the melted sugar. Carefully place the pan with the flan mixture into the pan half-full with water that's in the oven. Bake at 325 F for 35-40 minutes or until it's golden and firm toward the edges. The middle might still be a bit loose. Just don't let the top turn from golden to brown. Remove the flan pan from the oven and let cool for 20 minutes. Place in the refrigerator and allow to cool for at least 4 hours, preferably overnight. Slide a knife around the edges of the flan and turn onto a plate. Let the melted sugar drip onto the flan. Serve.