Preheat oven to 325 °F (163 °C). Arrange eight 6‑oz ramekins in a high‑sided baking pan.

In a large bowl, stir together the sweetened condensed milk and hot water until smooth to form the custard base.

In another bowl, whisk the eggs until pale and slightly frothy.

Slowly pour a small stream of the warm milk mixture into the eggs while whisking constantly to temper and prevent curdling.

Gradually whisk the tempered eggs back into the milk mixture until fully combined.

Stir in the vanilla extract and salt.

Pour the custard mixture through a fine‑mesh sieve into a pitcher to ensure a smooth texture.

Divide the custard evenly among the ramekins.

Place the pan in the oven and add hot water to the pan until it reaches about halfway up the sides of the ramekins (water bath).

Bake for about 60 minutes, or until the centers jiggle slightly and a knife inserted into the center comes out clean.

Let cool in the pan for about 60 minutes.

Sprinkle with a light dusting of nutmeg before serving.