Make a caramel from the sugar: melt it in a dry pot until light brown, then coat a large baking dish evenly with it.
Blend the cream cheese, condensed milk, evaporated milk, eggs and vanilla smooth with an immersion blender.
Pour the mixture into the caramel-lined dish.
Set the dish in a larger pan half filled with hot water, and bake in a preheated oven at 170 °C for 40-50 minutes, until a toothpick inserted comes out clean.
If the top browns too quickly, cover it with aluminum foil.
Let it cool completely, then refrigerate for at least 3 hours.
Before serving, carefully turn it out onto a plate.