In a small saucepan, add your can of coconut condensed milk and cover with warm water, about 1-2 inches above the can.
On medium heat, heat up the saucepan until it just begins to simmer. Once it begins to simmer, reduce to low and cover. Simmer for 2-3 hours. The longer you simmer, the darker the caramel.
Remove the saucepan from the heat. Using tongs, remove the can from the water and submerge in a bowl of cold water. Let sit for 10 minutes, to cool down. Once cool, carefully open, and transfer to a bowl or jar.
Slow Cooker Instructions
Place the condensed milk in a slow cooker and cover with water, leaving 1-2 inches above the can.
Cook on slow for 8-10 hours, 10 hours if you'd like a thicker caramel.
Turn off the slow cooker and using tongs, remove the can and submerge in a bowl of cold water for at least 10 minutes, to cool down. Open the can of coconut condensed milk and transfer to a bowl or sealable container.
Pour the coconut condensed milk in a large, microwave safe bowl. Cover completely.
On 50% power, heat up the condensed milk for 5 minutes, ensuring it doesn't spill over.
Remove from the microwave and whisk together. Cover again, and reduce the power to 20-30%. Microwave in 2-3 minute increments, watching carefully to ensure it doesn't spill over. Remove from the microwave once it has reached your desired consistency.
Be very careful when following the stovetop and slow cooker methods. The cans of coconut condensed milk must be covered with water, at least an inch above it.Do not open the cans when hot. There is a risk of them bursting open, which is unsafe. The cans must be cooled before opening.