Place 8 oven proof custard cups in a large roasting pan. Stir sugar and water in a small saucepan over low heat until sugar dissolves. Increase heat to high and boil without stirring until liquid is a golden brown, brushing down sides of saucepan with a wet pastry brush to prevent sugar from crystallizing, probably about 12 minutes. Carefully pour syrup into prepared custard cups.
Combine condensed milk, cream cheese, eggs, and vanilla in a blender. Blend until smooth. Pour into a bowl and stir in evaporated milk. Pour into custard cups. Place roasting pan on middle rack in oven and pour water into roasting pan to come halfway up the sides of the custard cups.
Bake until sides are firmly set and the center jiggles slightly when cups are shaken, about 45 minutes. Remove cups from pan, cover with aluminum foil, and refrigerate until cold, at least 4 hours and up to 24 hours. To unmold, run a knife around sides and turn onto a dessert plate. Serve cold.