Place the rice in a thick saucepan, cover with the water and place over medium heat. Once it comes to a boil, simmer for 5 minutes. Incorporate the milk, the sweetened condensed milk, vanilla extract, rind of an orange, cinnamon stick, salt and sugar.
As soon as it starts simmering, reduce the heat to low. Once the rice is cooked through and soft, anywhere from 35 to 40 minutes, turn off the heat. If you wish to add raisins, do so at this point.
There should still be a considerable amount of liquid in the pot. Once the rice cools down, it will puff up and the liquid will be further absorbed.
You can serve the arroz con leche with fresh fruits such as berries, whipped cream, sprinkled ground cinnamon, or for a more over the top concoction, with chocolate syrup!