In a clear, microwave-safe bowl, combine water and sugar. Stir well under sugar is completely dissolved.
Microwave on high for about 6 to 7 minutes or until color changes to honey-gold. Immediately pour into the ramekins, swirling around to cover the bottom.
In a bowl, combine dulce de leche and eggs. Gently stir in one direction until smooth.
Add evaporated milk and gently stir in one direction until well-combined.
Using a fine-mesh sieve or cheesecloth, strain the mixture into a bowl. Pour into prepared ramekins and cover with foil.
Arrange in a single layer in a wide, oven-safe pan. Carefully add about 1-inch of water to the pan (water bath).
Bake in a 375 F 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 flan over on a serving plate, ending with caramel on top.