Preheat the oven to 175°C (350°F)
Crack the eggs into a bowl and mix with the condensed milk and coconut milk, set aside
Heat up a frying pan to medium heat, pour the sugar in it and then the lime juice and water
Move the pan around until the sugar is totally melted and a deep golden color
Pour the caramel into a glass mold and cover all its surface
Once the sugar settles and dries in the mold you can add the milk and egg mixture
Set up a water bath by placing the mold inside another mold that will cover up to 3/4 of the sides of the inner mold
Leave it in the oven for 45 minutes
Verify that it is done by sliding a knife in between the flan and the mold. If it slides out clean then it is done!
Once the mold has cooled, separate the flan from the sides of the mold with a knife
Let it cool in the freezer
Flip the cold flan onto a serving plate and decorate with coconut flakes