In a microwave-safe bowl, combine sugar and water. Stir well until sugar is completely dissolved. Microwave on high for about 6 to 7 minutes or until color changes to honey-gold.
Immediately pour caramel into the 6 ramekins, swirling to fully cover the bottom.
In a medium bowl, combine eggs, coconut milk, and condensed milk. Gently stir in a circular motion until blended.
With a cheesecloth or fine-mesh sieve, strain egg-milk mixture. Pour strained mixture 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 a 375 F oven for about 40 to 45 minutes or until a toothpick inserted in the middle of custard comes out clean.
Remove from oven, allow to cool, and refrigerate to completely set.
To serve, turn flan over on a serving plate, ending with caramel on top.