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1
Combine white and brown sugar and water in a saucepan over medium-high heat. Stir occasionally to dissolve the sugar completely, but stop stirring once the mixture comes to a boil to prevent the sugar from crystallizing.
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2
Swirl the pan gently to redistribute the caramel as the sugar begins to darken. Cook to about 310 degrees F (160 degrees C), or until the sugar turns light golden brown. Remove from heat immediately, as sugar will continue to darken.
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3
Pour the caramel in an 8-inch baking dish, coating the bottom and sides of the dish. Let caramel harden, about 5 minutes.
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4
Preheat an oven to 325 degrees F (165 degrees C).
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5
Melt the white chocolate in a microwave-safe glass or ceramic bowl in 30-second intervals, stirring after each melting, for 1 to 3 minutes (depending on your microwave). Do not overheat or chocolate will scorch.
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6
Cream together the cream cheese, mascarpone cheese, evaporated milk, sweetened condensed milk, eggs, and melted white chocolate in a bowl until smooth.
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7
Pour the cream cheese mixture over the hardened caramel.
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8
Place baking dish in a large roasting pan. Fill the roasting pan with about 1-inch water.
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9
Bake in the preheated oven until a knife inserted into the center comes out clean, about 1 hour.
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10
Refrigerate until completely chilled, 5 to 6 hours. To serve, run a paring knife along the edges of the baking dish to loosen the flan. Cover the baking dish with a plate, and invert it to tip the flan out of the pan and onto the plate.
