Place sugar into a 23cm ring tin over medium-high heat, and cook, stirring constantly, until the sugar melts and turns golden, about 10 minutes. Watch carefully once syrup begins to change colour, because it burns easily. Let cool.
Combine eggs, condensed milk, evaporated milk, cream cheese and vanilla in a blender and blend for a minute or so, until smooth. Pour the mixture over the hard caramel syrup in the tin and cover with foil.
Put a rack in the bottom of a pan of boiling water, place the tin on top, cover and steam over medium heat until the crème caramel is set and firm, about 45 minutes. Unmould crème caramel onto serving plate and let cool before serving.