Preheat oven to 375 F.
In a clear, microwave-safe bowl, combine water and sugar. Stir well under sugar is completely dissolved.
Microwave on high for about 4 to 5 minutes or until color changes to honey-gold. Immediately pour into the ramekins or llaneras.
In a bowl, gently stir eggs and condensed milk until there are no streaks of white.
Add evaporated milk and stir until well combined.
Add lime zest and stir.
Using a fine mesh sieve or cheesecloth, strain mixture.
Pour into prepared ramekins. Cover ramekins with foil and arrange in a wide, oven-safe dish with about 1-inch of water (water bath).
Bake in the oven for about 40 to 50 minutes or until a toothpick inserted in the middle of the custard comes out clean.
Remove from oven, allow to cool, and refrigerate to set.
To serve, turn the flan over on a serving plate, ending with caramel on top.