Step 1

Place 8 ounces cream cheese in the bowl of a stand mixer and let sit at room temperature until softened. (Alternatively, place in a large bowl if using an electric hand mixer.)

Step 2

Place the following ingredients in a small heavy-bottomed saucepan in this order: 1 tablespoon corn syrup, 1/4 cup water, and 3/4 cup granulated sugar. Cook over medium-low heat undisturbed until the sugar is melted, then continue cooking, swirling the pan occasionally (don’t stir!), until an amber-colored caramel is formed, about 15 minutes.

Step 3

Quickly pour into an ungreased 9-inch pie plate or round cake pan and tilt the dish to coat the bottom. Set aside to cool while preparing the custard.

Step 4

Arrange a rack in the middle of the oven and heat the oven to 325ºF. Smash 1/4 cup of the cranberry sauce to break it up. Cut the remaining 1/2 cup cranberry sauce into small cubes.

Step 5

Beat the cream cheese on medium speed until smooth. Beat in 5 large eggs on medium speed one at a time, waiting for each egg to incorporate before adding the next, until thoroughly combined. Add 1 can sweetened condensed milk, 1 can evaporated milk, 1 teaspoon vanilla bean paste, and the 1/4 cup smashed cranberry sauce and stir to combine.

Step 6

Pour the mixture through a fine-mesh strainer over the caramel. Carefully drop the cubed cranberry sauce evenly into the custard.

Step 7

Place the pan of flan in a large roasting pan. Pour in enough boiling water to come about halfway the way up the sides of the flan pan, being careful not to splash any water into the flan. Cover the flan loosely with aluminum foil.

Step 8

Bake until the center is just set but still jiggles, 40 to 50 minutes. (If you want the top to be browned, uncover halfway through.) Transfer the pan of flan to a wire rack and let cool for 1 hour. Cover and refrigerate overnight.

Step 9

To unmold, run a knife around the edges of the flan to loosen. Invert a rimmed serving plate at least 1 inch larger than the baking dish over the flan. Grasping both the plate and the baking pan, flip over in one motion. Remove the baking dish. Cut into slices and serve.