Melt condensed milk, butter, syrup, salt, and sugar over low heat.
Stir the caramel mixture until the sugar is dissolved.
Turn up to medium heat and cook the mixture until it reaches a temperature of 125 degrees Celsius (257 degrees Fahrenheit) (this takes about 10 minutes). Stir the caramel often so it doesn't burn.
Remove the pot from the heat and stir in the chocolate.
Pour the mixture into a square mold lined with parchment paper and set it in the refrigerator overnight.
Cut the caramel mixture into small squares (preferably using a knife dipped in boiling water).

Melt chocolate over a water bath for coating.
Dip the caramels in the chocolate, lift them out with a fork, and tap off excess chocolate on the edge of the bowl.
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Set them to dry on a piece of parchment paper.

Store the coated caramels in the fridge.
The caramels can last for about a week in the fridge.