To prepare the caramel, heat the sugar over medium to medium high heat until it turns to a golden brown caramel. Pour (careful, scalding hot!) into the upper half of the Baño Maria so that it covers the whole bottom and about one inch or so of the sides of the Baño Maria pot.
Pour the mixture into the Baño Maria upper portion slowly so as not to disrupt the caramel layer. Fill the lower portion with water and heat to boiling. Lower heat to medium, fit the upper portion in place and cover. Cook for about thirty minutes. Test for consistency by inserting a table knife through the middle of the Flan. When it comes out clean, the Flan is cooked.
Insert the table knife along the side of the Flan and go all the way around the pot to loosen the edges. Allow to cool at room temperature for about an hour. Cover with a platter and turn upside down until it drops in the platter. If necessary, tap lightly on the bottom of the pan until you feel the weight of the Flan on the bottom platter.
Lasts two-three days well covered in the refrigerator.