1. Take out 8 ramekins or small individual dessert dishes. Into each dish put 3 vanilla wafers, and break each vanilla wafer into about 4 pieces in the dish. This will serve as the base.
2. With a stand mixer or hand mixer, beat the sweetened condensed milk on high for about 10 minutes until the milk is lighter in color and less dense.
3. Zest the rind of 2 large limes, and set aside. Squeeze the limes to get the 1/2 cup of lime juice. Add the lime juice and the coconut flakes to the beaten sweetened condensed milk and stir to combine.
4. Pour the lime-milk mixture equally into the 8 ramekins over the wafers. Place in the fridge for about 10 minutes to help set, while you do the next step.
5. Beat the whipping cream until stiff peaks form. Then add the powdered sugar. Top the desserts with the whipping cream, and then the lime zest to dust the top of the whipping cream. Refrigerate until ready to serve, can be made 24 hours ahead.