To make the caramel
Place sugar and water in a heavy saucepan or fry pan over medium-high heat, and cook, stirring constantly, until the sugar melts and turns to a golden amber color, about 10 minutes. Watch carefully once syrup begins to change color, because it burns easily. Carefully pour the melted sugar syrup into the 22 cm/ 8.66 inches pan. Let cool.
Preheat oven to 350 degrees F (175 degrees C).
To make the creme
Pour whole milk, heavy cream, sweetened condensed milk, eggs and vanilla extract, into a blender, and blend for 15 seconds, or until the mixture is smooth. Pour egg mixture into pan. Cover with aluminum foil.
Place the pan inside a bigger roasting pan, and place roasting pan on oven rack. Fill roasting pan with boiling water to reach halfway up the sides of the baking dish.
Bake in the preheated oven until the center of the cream is set but still slightly jiggly when moved, about 45-55 minutes. Let the cream to cool completely and then refrigerate for at least 4 hours. To serve, run a sharp paring knife around the inside of the mold to release the cream. Invert a plate on the pan, flip the pan over, and gently remove the pan to unmold the cream and reveal the syrupy caramel topping.
