Preheat oven to 350ºF. in a small saucepan, combine sugar and water and cook over medium heat stirring constantly until sugar dissolves. Continue cooking until mixture is golden in color (about 4 minutes).
Immediately pour mixture evenly into a 9-inch cake pan. (Mixture will harden and may crack slightly as it cools.)
In a blender, blend evaporated milk, condensed milk, cream cheese, Coco Lopez, eggs y almond extract and then add coconut and mix well.
Carefully pour mixture over caramelized sugar and place cake pan in a roasting pan, adding hot water to a depth of 1-inch in the roasting pan.
Bake for about one hour or until a knife inserted in center comes out clean. Remove cake pan from water and cool on a wire rack at least 30 minutes.
Cover and chill overnight. Loosen edges with a thin knife. Invert flan onto serving plate so caramel will be on the top.