Heat oven to 325°F. In a small, heavy saucepan over medium-high heat, bring sugar and ½ cup water to a boil, stirring until the sugar dissolves. Using a wet pastry brush, wipe off any sugar that sticks to the sides of the pan. Cook, without stirring, swirling the pan, until the syrup turns golden brown, about 10 minutes. Carefully pour the hot caramel into eight 4 oz. ramekins; set aside to cool.
In a large bowl, using a whisk, beat the eggs until completely combined. Whisk in the cream of coconut, condensed milk, coconut milk and vanilla until smooth. Divide the egg mixture evenly among ramekins.
Place ramekins in a shallow baking dish and place in the middle rack of the oven. Pour in enough hot water to come halfway up the sides of the ramekins; cover with aluminum foil. Bake until the Flan is set but still wiggly in the center, 1 hour – 1 hour 15 minutes. Using tongs, carefully remove the ramekins from the water. Transfer to refrigerator to cool completely.
When ready to serve, gently run butter knife around edges and invert onto serving plates. Garnish with raspberries and mint leaves, if desired.
The key to success when making Flan is cooking it in a water bath: The water diffuses the heat from the oven to gently cook the custard and provide its characteristically smooth texture. To make sure the water bath is doing its job, take a peek a few times during the cooking process. If the water is evaporating too quickly, just pour in some more. If the water is boiling, slip in a few ice cubes to quickly cool it down.