Place dark chocolate liqueur, Malibu rum, caramel and splash of Frangelico into a cocktail shaker. Shake with ice and strain into a prepared martini glass about a half-inch from the rim.
Place chocolate syrup and heavy cream into a tumbler. Shake the ingredients and strain on top of the martini using back of spoon placed closely to the ingredients and against the side of the glass. Pour slowly to layer on top. Lightly sprinkle top with toasted coconut.