Place the sugar in a llanera or aluminum mold over low heat. Allow it to melt until it turns into a golden caramel, then swirl to coat the bottom evenly. Set aside to cool.

In a bowl, whisk the eggs gently. Add the evaporated milk, condensed milk, and vanilla extract. Mix until smooth, then strain to remove lumps.

In a saucepan, combine the water, sugar, and gelatin. Let the gelatin bloom for about a minute, then heat over medium heat while stirring until completely dissolved.

Reduce the heat to low and slowly pour the egg mixture into the gelatin mixture while stirring continuously. Cook for about 8 minutes or until slightly thickened. Do not boil.

Pour the mixture into the caramel-coated molds, leaving a small space at the top.

Allow the molds to cool to room temperature, then refrigerate for at least 3–4 hours or until fully set.

To serve, carefully loosen the edges with a thin knife, invert onto a serving plate, and let the caramel drizzle over the Jelly Flan. Serve chilled.