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Preheat the oven to 325°F with a rack in the center.
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To make the caramel: Place a straight-sided 9" aluminum round pan and a small white plate near the stovetop. Be sure the pan is dry.
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In a medium saucepan, combine the sugar and salt. Gently pour the water over the sugar and shimmy the pan just enough to fully hydrate the sugar. Bring to a gentle simmer over medium heat and cook, without stirring, until the sugar dissolves and caramelizes to a golden amber color (similar to honey), about 10 to 15 minutes. Test the color of the caramel by spooning a few small drops onto the white plate.
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Remove the caramel from the heat. Quickly but carefully pour the hot caramel into the 9" pan and, using a kitchen towel or oven mitts, carefully pick up the pan and slowly rotate it to distribute the caramel evenly over the bottom and about halfway up the sides. Set aside to cool while you prepare the custard.
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To make the custard: In a blender, combine the condensed milk, evaporated milk, whole milk, mascarpone, vanilla, and salt. Blend on medium speed until there are no visible lumps of mascarpone, 10 to 15 seconds.
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Add the eggs and blend on low speed until just incorporated, about 15 seconds. Gently tap the blender a few times to encourage air bubbles to rise to the surface and use a large spoon to skim off any foam that may have formed.
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Pour the custard through a fine-mesh sieve into the caramel-coated pan; discard any solids in the sieve. Gently tap the pan against the counter a few times again to force air bubbles to the surface; pop any that appear with a toothpick.
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Set up a water bath by placing a 12" roasting pan or 12" round pan on the middle rack in the oven. Cover the custard pan with a piece of foil and place it in the roasting pan. Gently pour enough hot water around the custard pan to come halfway up the sides of the pan, being careful not to splash any water into the custard.
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Bake for 1 hour, covered, and then remove the foil and bake uncovered in 5-minute increments until the custard is jiggly in the center (like Jell-O) when the pan is lightly shimmied; you may need up to 30 additional minutes of baking time to achieve this texture. (If it’s firm in the center, it’s overcooked.)
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Carefully remove the water bath from the oven and place it on the stovetop. Leave the flan in the water bath to cool completely, about 1 hour. Remove from the water bath and refrigerate, covered, for at least 6 hours or up to overnight before serving.
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To unmold the flan: Uncover the pan and run a thin knife or small offset spatula around the edges, keeping the blade pressed against the pan to avoid cutting into the sides of the custard. Place the pan in hot water for 10 to 15 seconds; this helps melt and loosen the caramel underneath. If you hear a crack, don’t panic – that's just the hard caramel.
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Remove from the hot water bath and place a serving plate with a slight rim over the top of the pan. Holding the plate and pan firmly together, flip them over in one smooth motion.
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Give the pan a gentle shake or a small tap to help the flan release from the pan. Slowly lift the pan up, allowing the caramel to flow over the custard.
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Slice and serve the flan cold, with plenty of caramel, spooning any pooled caramel from the pan onto the flan.
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Storage information: Store leftover flan, covered, in the refrigerator for up to 1 week.