In a heavy saucepan, cook and stir sugar over medium-low heat until melted and golden, about 20 minutes. (This photo was taken about 10 minutes into the stirring time.)
Pour into 8″ round cake pan with at least 2″ sides and cover bottom of pan.
In a large bowl, beat the cream cheese until smooth.
Beat in eggs, one at a time, until thoroughly blended.
Add remaining ingredients, mixing well.
Pour into pan over caramel base.
Put 1 1/2 cups of water into Instant Pot insert. Layer an Instant Pot sling, the trivet, the baking pan and a lid (or foil).
Place into Instant Pot and close lid, making sure valve is in the “sealing” position. Set on high pressure for 14 minutes. When time is up, turn Instant Pot off, but leave lid in place.
Let pressure natural release completely. When the pin has dropped, remove lid and remove the sling with the flan. Let cool on rack for awhile until cool enough to refrigerate.
Refrigerate until cool. Slide a knife around edge of pan to release. Place a plate with a lip or a slope over pan and quickly turn over to remove flan onto serving plate.