Make the caramel: In a heavy saucepan combine the sugar and the water, bring the mixture to a boil, stirring until the sugar is dissolved, and boil it, undisturbed, until it turns a deep caramel color. Pour the caramel carefully into a 9-inch ring, tilt the ring to coat it with the caramel, and sprinkle the almonds over the caramel.
Make the filling: In a bowl with an electric mixer beat together the cream cheese, the sugar, the Amaretto, the vanilla, the eggs, the evaporated milk, the condensed mild, and the whole milk until the mixture is smooth and pour the mixture into the prepared ring. Put the ring in a large baking pan, fill the pan with enough hot water to reach halfway up the side of the ring, and bake the flan in the middle of a preheated 350 degree F. oven for 1 1/4 hours, or until it is just set in the center. Let the flan cool and chill it for at least 4 hours or overnight. Run the blade of a thin knife around the sides of the ring, dip the bottom of the ring in a pan of warm water for 10 seconds, and invert the flan onto a platter. Serves 8-10.
