Combine the water, sugar, and salt in a small saucepan over medium heat.

Stir until the sugar is dissolved. Then bring the mixture to a boil.

Cook, without stirring, until the mixture is medium amber colored, about 6 minutes. Gently shake or swirl the pan as needed.

Stirring constantly, pour in about ⅓ of the cream. The mixture will bubble. Once the bubbles have subsided, stir in another ⅓ of the cream. After the bubbles subside, stir in the remaining cream.

Reduce the heat to medium low and stir constantly until the cream is incorporated, about 3 minutes.

Transfer to a heat-safe bowl and let cool.

Place the cream in a small saucepan and stir in the vanilla paste. Bring to a simmer over medium heat.

In a separate bowl, whisk together the egg yolks and sugar.

Add two spoonfuls of the hot cream to the egg mixture, whisking constantly.

Pour the egg mixture into the remaining cream and cook over low heat, stirring constantly, until thickened, about 3-4 minutes.

Transfer to a heat-proof bowl to cool.

Preheat the oven to 325 F. Line a baking sheet with parchment paper. Set aside.

In a large bowl, whisk together the flour, sugar, baking powder, baking soda, and salt.

Add the buttermilk, eggs, and butter and whisk together just until combined. It’s okay if there are some lumps.

Stir in the macadamia nuts.

Let the batter rest for 5-10 minutes.

Heat a cast iron skillet, non-stick frying pan, or griddle over low heat for about 5 minutes.

Add a tablespoon of the vegetable oil into the skillet and turn the heat to medium low.

Add about ⅓ cup of the batter to the skillet and cook until the batter begins to bubble. Flip and cook until golden. Transfer cooked pancake to the prepared baking sheet and place in the oven to keep warm.

Repeat with remaining batter until all pancakes are cooked.

Place three pancakes on a plate.

Spoon the vanilla sauce over the pancakes.

Drizzle the caramel sauce in lines over the vanilla sauce.

Add a handful of chopped macadamia nuts to the top.