Preheat oven to 325 degrees.
Pour syrup into a flan dish, pie plate or round souffle baking dish with shallow sides, swirling it around to coat the bottom.
In a large mixing bowl, beat the Egg Beaters until foamy with a wire whisk. Beat in the condensed milk, coconut milk, vanilla extract and 3 tablespoons coconut. Pour the mixture into the prepared baking dish; covering the syrup. Set the dish into a large baking pan with sides and carefully pour water around the flan to come 2/3 the way up the sides. This is considered "baking in a water bath". Carefully transfer to the preheated oven. Bake for about 1 hour, until the flan is set and the center only jiggles a little bit, like a cheesecake would. Remove from the oven and water-bath and allow to cool completely. Turn the flan out onto a flat serving platter. Cut into slices for serving. Garnish with whipped cream and toasted coconut.
Recipe inspired by Paula Deen. Original recipe for Coconut Flan can be found on www.foodnetwork.com.