Combine the boiling water and cocoa powder in a small bowl. Whisk until smooth then set aside to cool to room temperature. 

Place the butter and sugar in a large mixing bowl. Beat with an electric mixer until creamy. Add the eggs one at a time and beat well after adding each egg. Beat in the vanilla extract. 

Add the cooled cocoa mixture and beat well. Scrape down the sides of the bowl and mix it again. 

Combine the flour, baking powder, and salt in a medium bowl. Whisk them together then add it to the batter. Mix on low speed or by hand until the flour is slightly blended in then increase the speed of the mixer. Continue to mix until the flour is well combined. Make sure to scrape the mixing bowl a couple of times so no flour is left behind. 

Pour the cake batter into the prepared bundt pan (right on top of the caramel). Set the pan aside while you make the flan. 

Place the cream cheese, sweetened condensed milk, evaporated milk, sugar, egg yolks, and vanilla extract in a blender or food processor. Blend until the ingredients are smooth. (for best results strain the mixture through a wire strainer).

Pour the flan mixture on top of the chocolate cake batter, then set the bundt cake pan inside a larger pan. We used a 10-inch square cake pan. 

Pour hot water into the baking dish but make sure you don’t get any water inside the cake. 

Cover the chocoflan cake lightly with a piece of oiled tin foil (see notes). 

Now that you have the chocoflan in a water bath, place it in the preheated oven and bake for 1 hour to 1 hour 20 minutes. Do a toothpick test and take the cake out of the oven when the toothpick comes out clean. 

Let the cake cool down at room temperature for an hour, then let it sit in the fridge for 2 to 3 hours or until ready to serve. Keep the cake in the pan until it is completely cooled.

To serve, use a knife to loosen the edges of the cake from the bundt pan and invert the cake onto a serving plate.

Drizzle caramel sauce (or cajeta sauce) on top of the cake.