Coconut Caramel:
In a saucepan, bring the sugar and water to a boil.
Cook until the mixture turns amber.
Remove from heat and add the coconut.
Quickly pour into an 8″ (20cm) diameter soufflé mold and let cool.

Flan:
Preheat the oven to 325°F (165°C).
In a bowl, whisk the eggs, sweetened condensed milk, lime zest, and lime juice.
Combine the coconut milk, mixing well, and pour the mixture into a mold.

Place the mold in a baking dish and fill with hot water up to half the height of the mold.
Bake in the oven for 1 hour to 1 hour 15 minutes, or until the flan is slightly jiggly.
Remove the mold from the water bath and let cool on a rack.
Cover and refrigerate for at least 6 hours.
Pass a thin knife between the flan and the mold to unmold.
Flip onto a serving plate.