Serves 8

1 can of sweetened, condensed milk
1 can of evaporated milk
1 cup sugar
1 teaspoon vanilla extract
8 eggs, beaten
1/4 cup water

Preheat oven to 400 degrees F.

In a medium bowl, mix the condensed milk, evaporated milk, 1/2 cup of sugar, the vanilla, and eggs. Set aside. In a medium sauce pan, dissolve 1/2 cup sugar in 1/4 cup of water, and lightly boil until it becomes syrupy and slightly tan. Pour the caramel in a glass baking dish and pour the milk mixture on top.

Fill a slightly larger baking dish halfway with water. Place the dish with the milk mixture inside the larger dish and cover everything with aluminum foil. Cook for 30 to 45 minutes, or until the custard is nearly cooked in the center. Cool to room temperature, then place in refrigerator until ready to serve. Serve slightly chilled.