Preheat oven to 350 degrees.

1. To make the caramel, place the sugar in a medium, heavy bottomed saucepan.
2. Heat without stirring over medium heat until the sugar melts and begins to turn golden brown, about 10 minutes.
3. Remove from heat and pour caramel into a 9-inch cake pan or ten 6-ounce custard cups.

4. Combine the cream cheese, guava paste, eggs, sugar and salt in a blender or food processor and pulse until well combined.

5. Add evaporated milk and vanilla and blend until smooth.

6. Pour the batter into prepared pan or cups and set inside a large roasting pan. Fill the roasting pan with hot water to halfway up sides of cake pan or molds, forming a water bath.

7. Cover loosely with foil and use a fork to poke a several holes in the foil.

8. If using a cake pan, bake for 45 minutes. Remove the foil and bake for an additional 15 minutes until edges are set and center jiggles slightly. For custard cups, bake for 20 minutes, remove foil and bake an additional 15 minutes.

9. Carefully remove the cake pan or custard cups from water and cool on a rack.

10. When cool, cover with plastic wrap and refrigerate for a minimum of 2 hours.

11. To serve, run a knife around edges of the pan or cups and invert onto a serving plate. Caramel will pour over the flan.