In a saucepan over medium-low heat, melt sugar until liquefied and golden in color. Carefully portion hot syrup into 6 ramekins, turning to evenly coat the bottom and sides. Set aside.
In a large bowl, beat eggs. Whisk in condensed milk, evaporated milk and vanilla until smooth. Pour egg mixture into baking dish.
Place ramekins in shallow baking dish and fill with boiling water until it comes halfway up the sides. Lightly cover with aluminum foil or parchment.
Bake for 50 - 60 minutes or until edges are set and while center still jiggles. Let cool completely.
To serve, run a paring knife around edges, then carefully invert on serving plates when completely cool.