Prepare 4-6 ramekins (depending on their size) by placing them in a deep dish pan.
Combine the sugar and water in a saucepan and place over medium flame. Cook until it begins to caramelize, washing down the sides of the saucepan with a brush dipped in cold water.
When the sugar reaches a golden amber color, remove from heat and pour into your prepared ramekins, swirling them around to coat the bottom and sides of the ramekins with caramelized sugar. Work carefully as the caramel is incredibly hot! Place aside.
Mix the eggs, condensed milk, coconut milk, cream, vanilla and sugar in a bowl. Give it a quick mix with a whisk then pass this mixture through a fine sieve to remvoe any egg pieces that might be left.
Evenly pour the mixture into your ramekins.
Pour 2-3 cups of hot water in the pan surrounding the ramekins and bake for 35-40 minutes.
When done, allow to cool in the pan then carefully loosen up the edges of each flan and turn them upside down on a serving platter.
Top the coconut flan with shredded coconut and spun sugar before serving.