Make Caramel: In a pan, melt sugar over low heat until it turns golden brown. Pour the caramel into llaneras (oval-shaped molds) or ramekins, spreading it evenly. Let it cool and harden.
Prepare Flan Mixture: In a bowl, whisk egg yolks, condensed milk, evaporated milk, and vanilla extract until well combined. Strain the mixture to remove any lumps.
Assemble and Cook: Pour the mixture into the caramel-lined molds. Cover with aluminum foil and steam for 30-35 minutes or bake in a water bath at 350°F (175°C) for 45-50 minutes.
Cool and Serve: Let cool, then refrigerate. To serve, run a knife around the edges, invert onto a plate, and enjoy.
